Hindalco’s aluminium wire rod and billets prices experience further cut of INR3500/t on May 20
Hindalco Industries Limited has been reducing its aluminium products and aluminium ingot prices since last Wednesday, May 12, in tandem with the downfall of the LME aluminium benchmark price. The company has cut its aluminium wire rod price yet again with effect from May 20, bringing the price to INR 213,850 per tonne. This reflects a decline of INR 3,500 per tonne or 1.61 per cent from INR 217,350 per tonne on May 15.
With the latest cut, Hindalco’s aluminium billets price has come in at INR 209,850 per tonne, also down by INR 3,500 per tonne from INR 213,350 per tonne.
Hindalco is now selling its aluminium ingot price at INR 202,750 per tonne as of May 20 compared to INR 206,250 per tonne on May 15.
Hindalco links its aluminium products and aluminium ingot prices to the three-month futures of aluminium on the London Metal Exchange, which declined this week so far by US$ 52.50 per tonne to come in at US$ 2,402.50 per tonne as of May 19. However, on a month-on-month calculation, the price is standing up by US$ 71.50 per tonne from US$ 2,331 per tonne, while over the year increased by US$ 938.50 per tonne from US$ 1,464 per tonne.
Aluminium operations of Hindalco, 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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