
Hindalco Industries Ltd has continued to cut prices of its aluminium ingots, billets and wire rods by 1%.This marked the second consecutive cut in price of the same products. With effect from June 3, the price for Hindalco aluminium ingots now stands at INR 131,500 per tonne, a decrease of 1.13% or INR 1,500 per tonne from INR 133,000 per tonne on June 1.

The company is now selling its wire rods and billets at INR 142,600 per tonne and INR 138,600 per tonne with effect from Wednesday, 03 June 2020. That was down 1.04% or INR 1,500 per tonne and 1.07% or INR 1,500 per tonne from June 1.
The Indian aluminium producers generally link prices of its products to the three-month futures of aluminium on London Metal Exchange. The three-month futures of aluminium are down nearly 16% so far in 2020 due to slower global demand following the coronavirus outbreak. Aluminium prices are expected to remain under pressure due to the Coronavirus pandemic.
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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