Hindalco’s aluminium ingot selling price shrinks by INR3750/t with effect from November 17
After three hikes since November 11, Hindalco Industries Limited has cut its aluminium ingot and aluminium products prices with effect from Wednesday, November 17. The company’s aluminium ingot price has come in at INR 229,250 per tonne, down by INR 3,750 per tonne or 1.61 per cent from INR 233,000 per tonne on November 13.
Hindalco’s aluminium wire rod price has also been reduced by INR 3,750 per tonne on November 17, bringing the price to INR 240,350 per tonne from INR 244,100 per tonne on the previous day. Aluminium billets price is being sold at INR 239,850 per tonne with effect from November 17, compared to INR 243,600 per tonne on November 13.
Hindalco Industries Limited links its aluminium ingot and aluminium products prices to the three-month future of aluminium on the London Metal Exchange, which after November 12 decreased by US$48 per tonne to stand at US$2,628 per tonne as of November 17. That brought the price month-on-month lower by 17.36 per cent than US$3,180 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.
LME aluminium price decreases by US$0.5/t to close at US$2,628/t; SHFE price moves up by US$22/t
Next articleChina’s primary aluminium inventories gain 31000 tonnes week-on-week to 1.038 million tonnes on November 18
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