Hindalco’s aluminium ingot price drops INR1500/t with effect from November 3

Hindalco Industries Limited slightly reduced its aluminium ingot and aluminium products prices on November 3, a day after it hiked the prices by INR 5,250 per tonne. On November 3, Hindalco’s aluminium ingot price saw a dip of INR 1,500 per tonne from INR 213,250 per tonne to INR 211,750 per tonne.

Aluminium wire rod price was also cut by INR 1,500 per tonne or 0.67 per cent to be sold at INR 222,850 per tonne on November 3 versus INR 224,350 per tonne on November 2. Hindalco’s aluminium billets price is standing at INR 225,850 per tonne since November 3, also down by INR 1,500 per tonne from INR 227,350 per tonne on the previous day.

Hindalco Industries Limited links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange. The LME aluminium benchmark price slipped US$18.50 per tonne on November 2 to settle at US$2,227 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.