Hindalco’s aluminium ingot price shrinks by 3% to INR283500/t with effect from February 24
Hindalco Industries Limited has slashed its aluminium ingot and aluminium products prices, with effect from Thursday, February 24, following a significant increase on February 23. As per the pricing published by Hindalco, the company’s aluminium ingot price has come in at INR 283,500 per tonne, down by INR 8,750 per tonne or 3 per cent from INR 292,250 per tonne.
Hindalco’s aluminium wire rod price has also experienced a cut of INR 8,750 per tonne on February 24 from INR 303,350 per tonne to INR 294,600 per tonne. Aluminium billets price is standing at INR 297,600 per tonne versus INR 306,350 per tonne.
Hindalco links its aluminium ingot and aluminium products prices to the three-month future of aluminium on the London Metal Exchange, which shrank by US$96.50 per tonne on February 23 to US$3,323.50 per tonne. On a month-on-month calculation, the price is up by nearly US$279 per tonne from US$3,044.50 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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