Hindalco reduces aluminium ingot price by nearly 1.5% this week in line with 3-month futures fall on LME
Hindalco Industries Limited has cut its aluminium ingot and aluminium product prices with effect from Wednesday, October 28, after raising them a week ago. The company is now selling its aluminium ingot at INR 153,750 per tonne compared with 156,000 tonnes as of October 22. This represents a decrease of INR 2,250 per tonne or 1.44 per cent in Hindalco’s aluminium ingot price this week.
Hindalco’s aluminium wire rod price has come in at INR 164,850 per tonne, also representing a decline of INR 2,250 per tonne from INR 167,100 per tonne. Hindalco’s aluminium billet price is hovering at INR 160,850 per tonne versus INR 163,100 per tonne on October 22.
Hindalco generally links its aluminium product prices to the three-month futures of aluminium on the London Metal Exchange, which during October 22-28 recorded a downtrend from US$ 1828 per tonne to US$ 1801 per tonne. With this incessant fall, the hike in LME aluminium price over the year has slowed down to 1.63 per cent at present.
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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