Hindalco’s aluminium ingot price sees a sharp fall of INR6000/t to INR211750/t w.e.f. July 20

Hindalco Industries Limited has sharply reduced its aluminium ingot and aluminium products prices with effect from Tuesday, July 20, following the two consecutive hikes last week. Hindalco’s aluminium ingot price has witnessed a cut of INR 6,000 per tonne on July 20 to come in at INR 211,750 per tonne. On July 15, the price stood at INR 217,750 per tonne, gaining INR 2,500 per tonne from INR 215,250 per tonne on July 14.

Today’s significant price cut has brought the company’s aluminium wire rod and billets prices at INR 222,850 per tonne and INR 218,850 per tonne, respectively. Both the prices are down by INR 6,000 per tonne from INR 228,850 per tonne and INR 224,850 per tonne on July 15.

Hindalco links its aluminium ingot and aluminium products prices to the three-month futures of of aluminium on the London Metal Exchange, which during July 15-19, fell by US$ 70 per tonne from US$ 2,495 per tonne to US$ 2,425 per tonne. However, on a month-on-month calculation, the price is up by US$ 71.50 per tonne from 2,353.50 per tonne and on a year on year by about US$ 804 per tonne from US$ 1,621 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.