Hindalco’s aluminium ingot price suffers a significant loss of INR8000/t on August 31
Hindalco Industries Limited has slashed its aluminium ingot and aluminium products prices, with effect from Wednesday, August 31, in line with a startling fall of the LME aluminium benchmark price. As per the price update, Hindalco’s aluminium ingot has witnessed a sharp price cut of INR 8,000 per tonne or 3.45 per cent to INR 223,750 per tonne.
Aluminium wire rod price has also experienced a cut of INR 8,000 per tonne to stand at INR 234,850 per tonne on August 31 versus INR 242,850 per tonne on August 27. Suffering the same amount of loss, aluminium billet price has come in at INR 237,850 per tonne with effect from August 31, compared to INR 245,850 per tonne on August 27.
Hindalco Industries links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which after two consecutive hikes last week, plunged by US$88.5 per tonne over the extended weekend to stand at US$2,406.50 per tonne.
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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.
LME aluminium price nosedives over extended weekend by US$88.5/t; SHFE price declines to US$2,670/t
Next articleLME aluminium benchmark price halts at US$2368.5/t with 1.58% drip; SHFE shrinks US$5/t
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