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03 FEBRUARY 2021 AL CIRCLE

Hindalco reduces its aluminium wire rod and billets prices by INR1750/t with effect from February 3

EDITED BY : DEBANJALI SENGUPTA 2MINS READ

Hindalco Industries Limited has further reduced its aluminium products and aluminium ingot prices, albeit slower than the previous time, with effect from Wednesday, February 3. The company reveals that it is now selling its aluminium wire rod price at INR 176,850 per tonne compared to 178,600 per tonne on Friday, January 29. This marks a decrease of INR 1,750 per tonne or 0.98 per cent in Hindalco’s aluminium wire rod price.

Hindalco reduces its aluminium wire rod and billets prices by INR1750/t with effect from February 3

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With the latest cut, Hindalco’s aluminium billets price has come in at INR 172,850 per tonne, also down by INR 1,750 per tonne from INR 174,600 per tonne on January 29.

The company has reduced its aluminium ingot price by INR 1,750 per tonne as well from INR 167,500 per tonne on January 29 to INR 165,750 per tonne on February 3.

Hindalco Industries Limited links the prices of its aluminium ingot and aluminium products to the three-month futures of aluminium on the London Metal Exchange, which after January 29 fell to US$ 1958 per tonne, as of February 2. However, on a year-on-year basis, the three-month futures of aluminium on LME are currently up by US$ 263.50 per tonne or 15.55 per cent.

Global Aluminium Industry Outlook 2021

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 : DEBANJALI SENGUPTA 2MINS READ

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