
Hindalco Industries Limited has reduced its aluminium ingot price by 3 per cent or INR 7,000 per tonne with effect from Friday, July 9, bringing it to INR 212,250 per tonne from INR 219,250 per tonne on July 3.

With the latest cut, Hindalco is selling its aluminium wire rod at INR 223,350 per tonne, which is also down by 3 per cent or INR 7,000 per tonne from INR 230,350 per tonne almost a week ago. Hindalco’s aluminium billets price is currently standing at INR 219,350 per tonne against INR 226,350 per tonne on July 3.
Hindalco links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which during July 1-8 fell from US$ 2,481 per tonne to US$ 2,435 per tonne. On a month-on-month basis, the price is down by US$ 4 per tonne from US$ 2,439 per tonne but up on a year by US$ 816 per tonne from US$ 1,619 per tonne.
Aluminium operations of Hindalco, 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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