
Hindalco Industries Ltd has reduced its aluminium products price after hiking it for the second time in a row. With effect from Saturday, 22 August 2020, the company’s wire rods price stands at INR 159,350 per tonne, registering a drop of INR 3,000 per tonne from INR 162,350 per tonne on August 21.
The company is now selling its billets at INR 155,350 per tonne, down INR 3,000 per tonne from INR 158,350 per tonne with effect from Saturday, 22 August 2020.
Aluminium ingots price has decreased to stand at INR 148,250 per tonne, a drop of INR 3,000 per tonne or 1.98% from INR 151,250 per tonne on August 21.
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 4% so far in 2020 due to slower global demand following the coronavirus outbreak but have come off their recent lows.
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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