Hindalco’s aluminium ingot price dips by 1% to INR306,500/t with effect from March 11
After increasing aluminium ingot and aluminium products prices on March 10, Hindalco Industries Limited cuts them the next day. With effect from Friday, March 11, the company has reduced its aluminium ingot price by INR 2,750 per tonne or 0.90 per cent to INR 306,500 per tonne. On March 10, the price was raised by INR 2,500 per tonne to INR 309,250 per tonne.
Hindalco has also axed its aluminium wire rod price by INR 2,750 per tonne from INR 320,350 per tonne on March 10 to INR 317,600 per tonne on March 11. With effect from March 11, the company’s aluminium billets selling price has come in at INR 320,600 per tonne versus INR 323,350 per tonne.
Hindalco links its aluminium ingot and aluminium products prices to the three-month future of aluminium on the London Metal Exchange, which grew slightly by US$3 per tonne on March 10 to stand at US$3,535 per tonne. Thus, on a month-on-month basis, the price stood up by US$222 per tonne or 6.7 per cent from US$3,313 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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