Hindalco Industries sharply cuts its aluminium ingot price by INR40500/t as LME price plummets by US$484/t

Hindalco Industries Limited has slashed its aluminium ingot and aluminium products prices, with effect from Wednesday, March 9, in response to LME aluminium price plunge after a week of unabated growth. Hindalco has axed its aluminium ingot price by INR 40,500 per tonne or 11.66 per cent to INR 306,750 per tonne. On March 8, the price was raised by INR 14,750 per tonne to INR 347,250 per tonne.

The company’s aluminium wire rod price also saw a sharp cut of INR 40,500 per tonne from INR 358,350 per tonne on March 8 to INR 317,850 per tonne on March 9, 2022. Aluminium billets price has come in at INR 320,850 per tonne, with effect from March 9, as against INR 361,350 per tonne on March 8.

Hindalco links its aluminium ingot and aluminium products prices to the three-month future of aluminium on the London Metal Exchange, which nosedived by US$484 per tonne to US$3,500.50 per tonne as of March 8. That brought the price 7.87 per cent higher than US$3,245 per tonne on a month-on-month basis.

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.