Hindalco’s aluminium ingot price sees a back-to-back cut to stand at INR262,750/t on February 2
Hindalco Industries Limited back-to-back reduced its aluminium ingot and aluminium products prices, with effect from Wednesday, February 2. The company’s aluminium ingot price saw a cut of INR 2,000 per tonne or 0.76 per cent to come in at INR 262,750 per tonne. On February 1, the price stood at INR 264,750 per tonne after being declined by INR 3,250 per tonne.
Hindalco also cut its aluminium wire rod price by INR 2,000 per tonne, bringing it to INR 273,850 per tonne as of February 2 versus INR 275,850 per tonne on the previous day. Aluminium billets price witnessed a cut of INR 2,000 per tonne as well from INR 278,850 per tonne on February 1 to INR 276,850 per tonne on February 2.
Hindalco links its aluminium ingot and aluminium products prices to the three-month future of aluminium on the London Metal Exchange, which on February 2 nosedived by US$29 per tonne from US$3,072 per tonne to US$3,043 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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