Hindalco sharply cuts its aluminium wire rod price by INR11250/t in line with LME’s plunge by US$172/t

Hindalco Industries Limited has sharply cut its aluminium products and aluminium ingot prices, with effect from Tuesday, April 26, in line with the two back-to-back declines in LME aluminium benchmark price. Hindalco has slashed its aluminium wire rod price by INR 11,250 per tonne to sell the product at INR 283,100 per tonne. Last week, on April 21, the price was cut by INR 5,500 per tonne INR 294,350 per tonne.

Hindalco’s aluminium billets price has also experience a cut of INR 11,250 per tonne or 3.78 per cent on April 26 from INR 297,350 per tonne to INR 286,100 per tonne. Aluminium ingot price has come in at INR 272,000 per tonne as of April 26, down by 3.97 per cent from INR 283,250 per tonne.

In the past two days, the three-month futures price of aluminium on the London Metal Exchange nosedived by US$172 per tonne. On April 24, the price dropped by US$18 per tonne to US$3,244 per tonne, while on April 25, it plummeted by US$154 per tonne to US$3,090 per tonne. That brought the price US$493 per tonne lower on the month from US$3,583 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.