Hindalco Industries Limited sharply cuts its aluminium billets price by more than INR15000/t on November 9

Hindalco Industries Limited has sharply cut its aluminium products prices, with effect from Tuesday, November 9, following the last hike on November 4. Hindalco’s aluminium billets price has witnessed a slash of INR 15,500 per tonne or 6.29 per cent to INR 230,850 per tonne. On November 4, the price stood at INR 246,350 per tonne, climbing by INR 1,500 per tonne from the previous day.

Hindalco’s aluminium wire rod price has come in at INR 231,350 per tonne, also down by INR 15,500 per tonne from INR 246,850 per tonne on November 4.

The company’s aluminium ingot price is currently being sold at INR 220,250 per tonne versus INR 235,750 per tonne last week.

Hindalco Industries Limited links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange. During November 5-8, the LME aluminium benchmark price declined from US$2,643 per tonne to US$2,530.50 per tonne. Thus, on a month-on-month calculation, the price stood down by US$371.50 per tonne from US$2,902 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.