Hindalco’s aluminium wire rod price sees a cut of INR3500/t after several hikes since January 5
Hindalco Industries Limited has reduced its aluminium products and aluminium ingot prices, with effect from Friday, January 14, after the four consecutive hikes since January 5, 2022. The company has cut its aluminium wire rod price by INR 3,500 per tonne to INR 262,850 per tonne. On January 13, the product price was at INR 266,350 per tonne after an increase of INR 4,250 per tonne.
The latest cut has brought the company’s aluminium billets price to INR 265,850 per tonne, down by INR 3,500 per tonne as well from INR 269,350 per tonne on January 13. Hindalco’s aluminium ingot selling price is standing at INR 251,750 per tonne as of January 14, compared to INR 255,250 per tonne on January 13.
Hindalco links its aluminium prices to the three-month future of aluminium on the London Metal Exchange, which until January 12 stood at US$3,003 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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