Hindalco's aluminium ingot price declines by INR5000/t on September 21 after seveal hikes since Septmber 8

Hindalco Industries Limited has reduced its aluminium ingot and aluminium products prices with effect from Tuesday, September 21, after several hikes since September 8. The company has cut its aluminium ingot price by INR 5,000 per tonne to INR 242,000 per tonne on September 21. On September 18, the price was at INR 247,000 per tonne after gaining INR 3,250 per tonne from the previous day.

Hindalco’s aluminium wire rod price also saw a decrease of INR 5,000 per tonne from INR 258,100 per tonne on September 18 to INR 253,100 per tonne on September 21. Hindalco’s aluminium billets price came in at INR 249,100 per tonne compared to INR 254,100 per tonne on September 18.

Hindalco Industries Limited links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which fell on Monday, September 20, by US$68 per tonne to US$2,847 per tonne. However, on a month-on-month calculation, the price stood up by US$278 per tonne from US$2,569 per tonne, and on a year-on-year basis, it was higher by US$1,094.50 per tonne than US$ 1,752.50 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.