Hindalco sharply cuts its aluminium ingot price by INR6000/t with effect from March 7
Hindalco Industries Limited significantly reduced its aluminium ingot and aluminium products prices on Wednesday, March 7, in line with the LME aluminium price plunge over the past three days. The company has axed its aluminium ingot price by INR 6,000 per tonne or 2.67 per cent, with effect from March 7, bringing it to INR 218,750 per tonne.
Hindalco’s aluminium wire rod price has also experienced a sharp cut of INR 6,000 per tonne from INR 235,850 per tonne on March 2 to INR 229,850 per tonne on March 7. The company’s aluminium billets price stands at INR 232,850 per tonne, down by 2.51 per cent from INR 238,850 per tonne about a week ago.
Hindalco links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which shrank by US$54 per tonne from US$2,366.50 per tonne on March 2 to US$2,312.50 per tonne on March 7.
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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