Hindalco Industries reduces aluminium ingot price by INR4,000/t as LME aluminium price descends from 10-year high

Hindalco Industries Limited has decreased its aluminium ingot and aluminium products prices with effect from Thursday, September 2, after increasing them for three consecutive times from August 24-28. From today, Hindalco is selling its aluminium ingot at INR 225,750 per tonne, down by INR 4,000 per tonne from INR 229,750 per tonne on August 28.

Hindalco’s aluminium wire rod price has come in at INR 236,850 per tonne with effect from September 2, a decrease of INR 4,000 per tonne as well from INR 240,850 per tonne. The company’s aluminium billets price has also seen a cut of INR 4,000 per tonne from INR 236,850 per tonne on August 28 to INR 232,850 per tonne on September 2.

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Hindalco has decreased its aluminium prices in line with the plunge in the three-month futures of aluminium on the London Metal Exchange on Wednesday, September 1. After notching more than a 10-year high at US$2,714 per tonne, the LME aluminium benchmark price shrank by US$46.50 per tonne to US$2,667.50 per tonne on September 1. But on a month-on-month calculation, the price is up by about US$32.50 per tonne from 2,635 per tonne, and on a year-on-year basis, it is higher by US$886 per tonne than US$ 1,781.50 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.