On June 17, Hindalco Industries Limited further declined its aluminium ingot and aluminium products prices by INR 7,750 per tonne or 3.30 per cent. That brought the company’s aluminium ingot price to INR 227,000 per tonne from INR 234,750 per tonne on June 14. As per the data revealed by the company, Hindalco’s aluminium ingot price underwent a slash of INR 8,000 per tonne or 3.29 per cent on June 14 to settle at INR 234,750 per tonne from INR 242,750 per tonne on June 11.
Hindalco also dropped its aluminium wire rod price by INR 7,750 per tonne from INR 245,850 per tonne on June 14 to INR 238,100 per tonne on June 17. The price on June 14 was reduced by INR 8,000 per tonne from INR 253,850 per tonne on June 11.
The price of aluminium billets nosedived by INR 7,750 per tonne as well, with effect from June 14 to halt at INR 241,100 per tonne. The amount recorded on June 14 settled at INR 248,850 per tonne, which was down by INR 8,000 per tonne from INR 256,850 per tonne on June 11.
As of Friday, June 17, Hindalco slashed its aluminium ingot and product prices in response to the LME aluminium price, which recorded a downfall of US$87.5 per tonne from US$2,588 per tonne on June 14 to US$2,500.5 per tonne on June 17.
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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