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15 JUNE 2020 AL CIRCLE

Hindalco reduces aluminium ingot price by INR 1,500/t with effect from June 13

EDITED BY : HEENA IQBAL 2MINS READ

Hindalco Industries Ltd has cut its aluminium products price, marking the second consecutive fall. With effect from June 13, Hindalco aluminium ingots price now stands at INR 137,250 per tonne, a drop of 1.08% or INR 1,500 per tonne from INR 138,750 per tonne on June 12.

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The company is now selling its wire rods and billets at INR 148,350 per tonne and INR 144,350 per tonne with effect from Saturday, 13 June 2020. This registered a decline of INR 1,500 per tonne each from June 12.

The Indian aluminium producers generally link prices of its products to the three-month futures of aluminium on London Metal Exchange. The three-month futures of aluminium declined by more than 10% so far in 2020 due to slower global demand following the coronavirus outbreak. Aluminium prices are expected to remain under pressure due to the Coronavirus pandemic.

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Hindalco Industries closed the financial year 2019-20 (FY20) with 31% decline in its consolidated net profit at INR 3,767 crore as compared to INR 5,495 crore in the preceding fiscal. The consolidated revenue from operation dropped by 9% to INR 1.18 lakh crore against INR 1.31 lakh crore in the financial year 2018-19.

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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EDITED BY : HEENA IQBAL 2MINS READ

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