Hindalco slightly cuts its aluminium wire rod price by INR1250/t with effect from December 15
Hindalco Industries Limited has cut its aluminium products and aluminium ingot prices for the second time in a row, although at a slower rate than earlier, with effect from Thursday, December 15. The company has trimmed its aluminium wire rod price by INR 1,250 per tonne or 0.5 per cent to sell the product at INR 237,100 per tonne.
Hindalco’s aluminium billet price has also experienced a cut of INR 1,250 per tonne on December 15 from INR 241,350 per tonne to INR 240,100 per tonne. Aluminium ingot price has been reduced by INR 1,250 per tonne as well to INR 226,000 per tonne. On December 13, the price was slashed by INR 5,500 per tonne to INR 227,250 per tonne.
Hindalco continued to reduce its aluminium ingot and aluminium products prices in response to the back-to-back decline of the three-month futures of aluminium on the London Metal Exchange. During December 12-14, the LME aluminium benchmark price slipped by US$10.50 per tonne from US$2,390 per tonne to US$2,379.50 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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