Hindalco’s aluminium billets price sees a fifth consecutive cut of INR9000/t with effect from May 5
Hindalco Industries Limited’s aluminium products and aluminium ingot prices continued to see a plunge on May 5 for the fifth consecutive time since April 21, 2022. As per the latest price list revealed by the company, aluminium billets price saw a cut of 3.2 per cent or INR 9,000 per tonne to come in at INR 271,850 per tonne. About a week ago, on April 30, Hindalco’s aluminium billets price stood at INR 280,850 per tonne, witnessing a downfall of 0.97 per cent from April 29.
Hindalco has slashed its aluminium wire rod price by INR 9,000 per tonne as well on May 5 to sell the product at INR 268,850 per tonne versus INR 277,850 per tonne on April 30. Aluminium ingot price, being no exception but witnessed a cut of INR 9,000 per tonne, came in at INR 257,750 per tonne, with effect from May 5.
Hindalco links its aluminium ingot and products prices to the three-month futures of aluminium on the London Metal Exchange. So, in response to the sharp downfall of US$110 per tonne in LME aluminium benchmark price from US$3,039 per tonne on April 29 to US$2,929 per tonne on May 4, Hindalco slashed its aluminium selling prices.
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.
China’s aluminium billet inventory augments by 22,700 tonnes W-o-W to 128,600 tonnes
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