Hindalco Industries Limited has reduced its aluminium ingot and aluminium products prices with effect from Thursday, August 19, after increasing them three times in a row since the week last. Hindalco’s aluminium ingot price has witnessed a slash of INR 3,500 per tonne or 1.54 per cent from INR 227,000 tonnes on August 18 to INR 223,500 per tonne on August 19.
The company’s aluminium wire rod price has settled at INR 234,600 per tonne as of August 19 after being decreased by INR 3,500 per tonne from INR 238,100 per tonne in the previous day. Hindalco’s aluminium billets price is standing at INR 230,600 per tonne, also a decline of INR 3,500 per tonne from INR 234,100 per tonne.
Hindalco links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which plunged by US$ 43.50 per tonne on Wednesday, August 18, to close at INR 2,589.50 per tonne. On a month-on-month calculation, the price is up by US$ 164.50 per tonne from 2,425 per tonne, and on a year-on-year basis by US$ 843 per tonne from US$ 1,746.50 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.
Responses
