Hindalco’s aluminium wire rod & billets prices shrink by 4% on April 12 in response to LME price fall over weekend
Hindalco Industries Limited again slashed its aluminium products and aluminium ingot prices, with effect from Tuesday, April 12, following a hike on April 9. As per the revised prices published by Hindalco, the company’s aluminium wire rod price is standing at INR 292,350 per tonne after being chopped by INR 12,500 per tonne or 4.1 per cent from INR 304,850 per tonne on April 9.
Aluminium billets price also witnessed a cut of INR 12,500 on April 12 to stand at INR 295,350 per tonne. On April 9, the billets price was at INR 307,850 per tonne, up by INR 4,000 per tonne from the previous day.
Hindalco is now selling its aluminium ingot price at INR 281,250 per tonne, down by 4.44 per cent from INR 293,750 per tonne on April 9.
Hindalco links its aluminium ingot and aluminium products prices to the three-month future of aluminium on the London Metal Exchange. The company reduced its aluminium prices in line with the LME aluminium price plunge by US$180.50 per tonne from US$3,395 per tonne to US$3,214.50 per tonne on April 12. On a month-on-month basis, the price stood down by US$257.50 per tonne than US$3,472 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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