Hindalco's aluminium wire rod price further slumps by INR2500/t in line with LME aluminium price shrink
Hindalco Industries Limited has continued to reduce its aluminium products and aluminium ingot prices, in tandem with an uninterrupted downfall in the LME aluminium benchmark price for three days in a row. With effect from Saturday, August 20, Hindalco’s aluminium wire price has been decreased by INR 2,500 per tonne or 1.07 per cent to INR 232,100 per tonne versus INR 234,600 per tonne on August 18.
Hindalco’s aluminium billets price has witnessed a cut of INR 2,500 per tonne from INR 237,600 per tonne on August 18 to INR 235,100 per tonne on August 20. With the last cut, Hindalco’s aluminium ingot price has come in at INR 221,000 per tonne against INR 223,500 per tonne on August 18.
Hindalco Industries links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which further shrank by US$36 per tonne on August 19 to stand at US$2,376 per tonne.
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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.
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