Hindalco’s aluminium wire rod price dips by INR1500/t on January 31

Hindalco Industries Limited has trimmed its aluminium products and aluminium ingot prices, with effect from January 31, following a surge in the previous week. The company has cut its aluminium wire rod price by INR 1,500 per tonne to sell the product at INR 252,100 per tonne versus INR 251,600 per tonne on January 25.

Hindalco’s aluminium billets price has also been reduced by INR 1,500 per tonne, with effect from January 31, from INR 256,600 per tonne to INR 255,100 per tonne. Aluminium ingot price is no exception but also seen a cut of the same amount to stand at INR 241,000 per tonne as of January 31.

Hindalco links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which dropped by US$29 per tonne during January 25-30 per tonne from US$2,606 per tonne to US$2,577 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.