Hindalco Industries slashes its aluminium ingot price by INR3250/t with effect from February 1
Hindalco Industries Limited slashed its aluminium ingot and aluminium products prices, with effect from Tuesday, February 1, after two consecutive hikes on January 26 and 28. The company cut its aluminium ingot price by INR 3,250 per tonne to INR 264,750 per tonne. On the previous day, January 28, the company’s aluminium ingot price stood at INR 268,000 per tonne, seeing a surge of INR 5,250 per tonne.
Hindalco’s aluminium wire rod price also saw a decline of INR 3,250 per tonne to INR 275,850 per tonne versus INR 279,100 per tonne on January 28. Aluminium billets price came in at INR 278,850 per tonne, compared to INR 282,100 per tonne on the previous day.
Hindalco links its aluminium ingot and aluminium products prices to the three-month future of aluminium on the London Metal Exchange, which after January 28 plunged by US$38 per tonne from US$3,110 per tonne to US$3,072 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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