Hindalco’s aluminium ingot price plummets by INR10,500/t in line with two consecutive falls in LME aluminium price
Hindalco Industries Limited has sharply cut its aluminium ingot and aluminium products prices with effect from Friday, October 21, following several growths until October 19. Hindalco’s aluminium ingot price has shrunk by INR 10,500 per tonne from INR 277,000 per tonne to INR 266,500 per tonne.
The company has also cut its aluminium wire rod price by INR 10,500 per tonne from INR 288,100 per tonne on October 19 to INR 277,600 per tonne on October 21. Aluminium billets price is standing at INR 277,100 per tonne compared to INR 287,600 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, which decreased during October 19-21 by US$162 per tonne to stand at US$3,014 per tonne. However, on a month-on-month calculation, the price stood up by around US$127 per tonne from US$2,887 per tonne, and on a year-on-year basis, it was higher by about US$1,332 per tonne than US$1,848 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.
LME aluminium price descends by 1.66% to US$3,014/t; SHFE price drops by US$215
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