Hindalco reduces its aluminium products price; Ingot price now stands at INR 148,250 per tonne
Hindalco Industries Ltd reduced its aluminium products price after raising it for the fourth time in a row. With effect from Friday August 7, Hindalco aluminium ingots price now stands at INR 148,250 per tonne, a decrease of 1% or INR 1,500 per tonne from INR 149,750 per tonne on August 6.
The company is now selling its wire rods and billets at INR 159,350 per tonne and INR 155,350 per tonne with effect from Friday August 7 2020, registering a decline of INR 1,500 per tonne each from August 6.
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 so far in 2020 due to slower global demand following the coronavirus outbreak but have come off their recent lows.
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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.
Hindalco’s aluminium ingot price now stands at INR 149,750 per tonne
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