Hindalco reduces its aluminium wire rod price by INR3250/t on February 3 after a significant hike

Hindalco Industries Limited has curtailed its aluminium products prices by INR 3,250 per tonne or 1.25 per cent, with effect from February 3. That brought the company’s aluminium wire rod price to INR 252,600 per tonne versus INR 255850 per tonne on February 2, up by INR 7,250 per tonne from 248,600 per tonne on February 1.

Hindalco’s aluminium billets price has also been reduced by INR 3,250 per tonne on February 3, after a significant increase on the previous day. On February 2, Hindalco’s aluminium billets price was lifted by INR 7,250 per tonne to INR 258,850 per tonne but slashed the next day to INR 255,600 per tonne.

With the latest cut, Hindalco’s aluminium ingot price has come in at INR 241,500 per tonne as of February 3 versus INR 244,750 per tonne on February 2.

Hindalco links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which slumped by US$38.50 per tonne on February 2 from US$2,611 per tonne to US$2,572.50 per tonne.

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.