Hindalco’s aluminium wire rod & billet prices axed by over 5% in line with the 16-month low LME aluminium price

Hindalco Industries Limited has continued to significantly cut its aluminium products and aluminium ingot prices for the second consecutive day, with effect from Friday, September 2. The company has reduced its aluminium wire rod price by INR 14,000 per tonne or 5.96 per cent to INR 220,850 per tonne versus a cut of INR 8,000 per tonne on August 31 to INR 234,850 per tonne.

Hindalco’s aluminium billets price has also been axed by INR 14,000 per tonne on September 2 to INR 223,850 per tonne. On August 31, the price stood at INR 237,850 per tonne, seeing a downfall of INR 8,000 per tonne.

The aluminium giant has also knocked its aluminium ingot price down by the same amount to INR 209,750 per tonne from INR 223,750 per tonne on August 31.

Hindalco has chopped its aluminium prices in line with the 16-month low LME aluminium price, with a downfall of US$100.50 per tonne in just about two working days. First, on August 31, the LME aluminium benchmark price slid by US$38 per tonne to stand at US$ 2,368.50 per tonne, following another sharp fall of US$62.50 per tonne on September 1 to US$2,306 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.