Hindalco Industries Limited again reduced its aluminium ingot and aluminium products prices, with effect from Saturday, December 4, following an intermittent rise on December 2. The company cut its aluminium ingot price by INR 1,500 per tonne on December 2, bringing the price to INR 232,500 per tonne.
{alcircleadd}Hindalco’s aluminium wire rod price also saw a dip of INR 1,500 per tonne from INR 245,100 per tonne on December 2 to INR 243,600 per tonne on December 4. Aluminium billets price came in at 246,600 per tonne, compared to INR 248,100 per tonne on the previous day.
Hindalco inks its aluminium ingot and aluminium products prices to the three-month future of aluminium on the London Metal Exchange, which on December 2 decreased by US$14.50 per tonne to US$2,655 per tonne and further declined on December 3 to US$2,648 per tonne. On a month-on-month calculation, the price stood down by US$58 per tonne from US$2,706 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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