Hindalco Industries Limited again cut its aluminium products prices on March 16 after an intermittent hike the previous day. According to the latest price list, the company’s aluminium wire rod price has come in at INR 225,100 per tonne as of March 16, down by INR 2,000 per tonne. On March 15, the price stood at INR 227,100 per tonne after experiencing an increase of INR 4,500 per tonne from INR 222,600 per tonne.
Hindalco’s aluminium billets price was also revised for the third day in a row, with effect from March 16. The price saw a cut of INR 2,000 per tonne to stand at INR 228,100 per tonne as of March 16, whereas it rose by INR 4,500 per tonne from INR 225,600 per tonne to INR 230,100 per tonne on March 15.
Aluminium ingot price was no exception but also underwent a cut on March 16 from INR 216,000 per tonne to INR 214,000 per tonne, following a raise on the earlier day from INR 211,500 per tonne.
Hindalco links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which shrank by US$26 per tonne to US$2,246 per tonne on March 16 after escalating by US$35.50 per tonne from US$2,236.50 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.