Hindalco’s aluminium prices decline by INR5250/t on March 15; Ingot price comes in INR297250/t

Hindalco Industries Limited cuts its aluminium ingot and aluminium products prices for the third time in a row, with effect from Tuesday, March 15, as LME aluminium benchmark price slid further by US$73 per tonne on March 14.

Hindalco has reduced its aluminium ingot price by INR 5,250 per tonne to INR 297,250 per tonne vs INR 302,500 per tonne on March 12. The company has also slashed its aluminium wire rod price by INR 5,250 per tonne from INR 313,600 per tonne on March 12 to INR 308,350 per tonne on March 15.

The latest cut has brought Hindalco’s aluminium billets price to INR 311,350 per tonne, down by INR 5,250 per tonne or 1.66 per cent from INR 316,600 per tonne on March 12.

Hindalco links its aluminium ingot and aluminium products prices to the three-month future of aluminium on the London Metal Exchange, which continued to decline on the anticipation of market stock release and stood at US$3,399 per tonne as of March 14. Thus, on a month-on-month basis, the price stood up by US$93 per tonne from US$3,306 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.