Hindalco Industries Limited cuts its aluminium wire rod and billets prices by INR1250/t
Hindalco Industries Limited decreased its aluminium products and aluminium ingot prices, with effect from Wednesday, December 1, following a hike on the previous day. The company reduced its aluminium wire rod price by INR 1,250 per tonne from INR 244,100 per tonne on November 30 to INR 242,850 per tonne on December 1.
Hindalco’s aluminium billets price also saw a cut of INR 1,250 per tonne from INR 243,600 per tonne on November 30 to INR 242,350 per tonne on December 1. The company’s aluminium ingot selling price came in at INR 231,750 per tonne after being cut from INR 233,000 per tonne on the previous day.
Hindalco Industries Limited links its aluminium ingot and aluminium products prices to the three-month future of aluminium on the London Metal Exchange, which dropped on November 30 by US$15 per tonne from US$2,650 per tonne on November 29 to US$2,635 per tonne on November 30. On a month-on-month calculation, the price stood less by nearly US$60 per tonne from US$2,695 per tonne.
Aluminium operations of the company, excluding those of its US arm Novelis Inc., generally account for nearly half of its total sales and 70% of its operating profit.
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