Hindalco’s aluminium wire rod price slumps by INR1250/t on June 21 in response to LME price fall
Hindalco Industries Limited has revised its aluminium products and aluminium ingot prices this week, which as per the data has drifted lower after back-to-back cuts on June 17 and June 18. As of June 21, Hindalco has slashed its aluminium wire rod price by INR 1,250 per tonne or 0.52 per cent to INR 234,600 per tonne, following a plunge of INR 2,250 per tonne to INR 235,850 per tonne on June18.
Hindalco also axed its aluminium billets price by INR 1,250 per tonne on June 21 to sell the product at INR 237,600 per tonne. On June 18, the company was selling its aluminium billets at INR 238,850 per tonne, down by INR 2,250 per tonne from the previous day.
Aluminium ingot price has also witnessed a drop of INR 1,250 per tonne or 0.55 per cent to peg at INR 223,500 per tonne, as against INR 224,750 per tonne on June 18.
As of June 21, Hindalco has slashed its aluminium products and aluminium ingot prices in response to the LME aluminium price, which has fallen by US$12 per tonne from June 17 to June 21 to close at US$2,462 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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