Hindalco sharply cuts its aluminium ingot price by INR7750/t as LME aluminium price slips by US$113/t
After three consecutive hikes from February 5 to February 11, Hindalco Industries Limited slashed its aluminium ingot and aluminium products prices, with effect from Saturday, February 12, in line with the LME aluminium price plunge. With the latest cut, Hindalco’s aluminium ingot price came in at INR 276,000 per tonne, down by INR 7,750 per tonne or 2.73 per cent from INR 283,750 per tonne on February 11.
Hindalco’s aluminium wire rod price also nosedived by INR 7,750 per tonne from INR 294,850 per tonne on February 11 to INR 287,100 per tonne on February 12. Aluminium billets price scored at INR 290,100 per tonne as against INR 297,850 per tonne on February 11.
Hindalco links its aluminium ingot and aluminium products prices to the three-month future of aluminium on the London Metal Exchange, which on February 11 slipped by US$113 per tonne to stand at US$3,200 per tonne. So, the price is now up by US$250 per tonne on the month from US$2,950 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.
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