Hindalco sharply cuts its aluminium billets price by INR6500/t in tandem with sixth consecutive fall of LME aluminium price
On Wednesday, October 27, Hindalco Industries Limited has slashed its aluminium products prices, in line with the sixth consecutive day of LME aluminium price fall. The company has reduced its aluminium billets price by INR 6,500 per tonne to INR 258,350 per tonne. On the previous day, the price was at INR 264,850 per tonne.
Hindalco’s aluminium wire rod price has also witnessed a sharp cut of INR 6,500 per tonne from INR 265,350 per tonne on October 26 to INR 258,850 per tonne on October 27. The company’s aluminium ingot price has come in at INR 247,750 per tonne from INR 254,250 per tonne on the earlier day.
Hindalco Industries Limited links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which nosedived after October 22 by US$115 per tonne to stand at US$2,831 per tonne on October 26. On a month-on-month calculation, the price stood down by around US$57 per tonne from US$2,888 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.
Hindalco Industries continues to reduce aluminium prices by INR5250/t with effect from October 23
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