Hindalco Industries Ltd further reduces aluminium ingot price by INR2500/t w.e.f. November 3
Hindalco Industries Limited has further reduced its aluminium ingot and aluminium products prices with effect from Wednesday, November 3. The company’s aluminium ingot price has come in at INR 234,250 per tonne, down by INR 2,500 per tonne from INR 236,750 per tonne on October 28.
Hindalco, with effect with November 3, is selling its aluminium wire rod at INR 245,350 per tonne as compared to INR 247,850 per tonne in the previous week. Hindalco’s aluminium billets price also saw a cut of INR 2,500 per tonne on November 3 from INR 247,350 per tonne to INR 244,850 per tonne.
Hindalco Industries Limited links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which decreased after October 28 by US$15 per tonne to stand at US$2,706 per tonne. On a month-on-month calculation, the price stood down by around US$183 per tonne from US$2,889 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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