Hindalco’s aluminium prices see the first cut this week after two consecutive hikes; ingot price stands at 1.6% lower
Hindalco Industries Limited has cut its aluminium ingot and aluminium products prices, with effect from February 23, after two consecutive hikes on February 21 and 22, on account of the LME aluminium price drop.
The company has reduced its aluminium ingot price by INR 3,750 per tonne or 1.62 per cent to bring it back to INR 227,500 per tonne like on February 21. On February 22, the price stood at INR 231,250 per tonne.
Hindalco has also axed its aluminium wire rod and billets prices by INR 3,750 per tonne on February 23 to sell its products at INR 238,600 per tonne and INR 241,600 per tonne, respectively.
Hindalco links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metals Exchange, which slumped by US$45 per tonne on Wednesday, February 22, from US$2,430.50 per tonne to US$2,385.50 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.
LME aluminium price plummets by US$45.5/t to stand below US$2400/t; SHFE grows slightly by US$3/t
Next articlePrimary aluminium inventories in China accumulate 15000 tonnes over a week to 1.248 million tonnes
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