On Friday, February 17, Hindalco Industries Limited further slashed its aluminium ingot and aluminium products prices to match the global aluminium benchmark price. According to the price chart revealed by the company on February 17, Hindalco cut its aluminium wire rod price by INR 3,750 per tonne to sell the product at INR 234,100 per tonne versus INR 237,850 per tonne on February 14.
Hindalco also reduced its aluminium billets price by INR 3,750 per tonne to INR 237,100 per tonne, which previously stood at INR 240,850 per tonne. Aluminium ingot price was no exception but slipped from INR 226,750 per tonne on February 14 to INR 223,000 per tonne on February 17.
Hindalco links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which during February 14-16 recorded a plunge of US$49.50 per tonne to settle at US$2,341.50 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.
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