Hindalco’s aluminium products prices see a slash for the second time in less than a week by INR6250/t
Hindalco Industries Limited has significantly reduced its aluminium products and aluminium ingot prices for the second consecutive time, in line with the back-to-back LME aluminium price fall since February 1. With effect from Tuesday, February 7, Hindalco has curtailed its aluminium wire rod price by INR 6,250 per tonne or 2.47 per cent to INR 246,350 per tonne, in contrast with INR 252,600 per tonne on February 3.
Hindalco has also axed its aluminium billets price by INR 6,250 per tonne, with effect from February 7, to sell the product at INR 249,350 per tonne versus INR 258,850 per tonne last week. The company’s aluminium ingot price has also been cut by the same amount to INR 235,250 per tonne from INR 241,500 per tonne.
Hindalco links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which plummeted by US$138.50 per tonne through a week from US$2,611 per tonne on February 1 to US$2,472.50 per tonne on February 7.
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.
Novelis’ net sales fall to $4.2 billion in 3QFY23 due to 2% drop in shipments
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