Hindalco reduces aluminium ingot price by INR1250/t w.e.f. March 17 after raising it a day before

Hindalco Industries Limited reduced its aluminium ingot price and aluminium products prices on Wednesday, March 17, soon after raising the prices by INR 3,500 per tonne on Tuesday, March 16. With effect from March 17, Hindalco’s aluminium ingot price came in at INR 183,250 per tonne, down by INR 1,250 per tonne from INR 184,500 per tonne on March 16.

 The company also cut its aluminium wire rod price by INR 1,250 per tonne on March 17 from INR 195,600 per tonne to INR 194,350 per tonne. With the latest cut, Hindalco’s aluminium billets price is standing at INR 190,350 per tonne as compared to INR 191,600 per tonne on March 16.

Hindalco generally links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which on March 16 decreased from US$ 2184.50 per tonne to US$ 2174.50 per tonne. However, over the month, the price is up by US$ 97.50 per tonne from US$ 2077 per tonne and on a year-on-year basis, it is higher by US$ 534 per tonne or 32.55 per cent.

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.