Hindalco cuts its aluminium ingot and product prices by INR2250/t with effect from July 17

Hindalco Industries Limited has cut its aluminium ingot and product prices with effect Friday, July 17, following three consecutive hikes last week. The aluminium ingot price of the company has been reduced by INR 2,250 per tonne or 1.56 per cent to INR 141,250 per tonne. After the last hike on July 10, Hindalco was selling its aluminium ingot price at INR 143,500 per tonne.

With the latest cut, Hindalco’s aluminium wire rod price has come down to INR 152,350 per tonne from INR 154,600 per tonne on July 10, lesser by 1.46 per cent or INR 2,250 per tonne. The company’s aluminium billet price is now hovering at INR 148,350 per tonne, down by 1.49 per cent from INR 150,600 per tonne.

Like any other major Indian aluminium producers, Hindalco links its aluminium prices to the three-month futures of the metal on the London Metal Exchange. The three-month aluminium future price on LME recorded continued decline from US$ 1664.50 per tonne to US$ 1627 per tonne during July 14-16. Currently, overall price of the three-month futures of aluminium on LME is down by 8 per cent in 2020 so far.

Aluminium operations of Hindalco, excluding those of its US arm Novelis Inc, generally account for nearly half of its total sales and 70% of its operating profit.

source https://www.alcircle.com/news/hindalco-cuts-its-aluminium-ingot-and-product-prices-by-inr2250-t-with-effect-from-july-17-57470