Hindalco reduces aluminium products prices by INR1500/t on March 31 in line with lower LME aluminium price

Hindalco Industries Limited has reduced its aluminium products and aluminium ingot prices with effect from Wednesday, March 31, following two consecutive hikes on March 25 and March 27. Hindalco’s aluminium wire rod price has come in at INR 199,350 per tonne, down by INR 1,500 per tonne or 0.75 per cent from INR 200,850 per tonne on March 27.

Hindalco’s aluminium billets price has also seen a cut of INR 1,500 per tonne with effect from March 31. Thus, the price is now standing at INR 195,350 per tonne compared to INR 196,850 per tonne on March 27.

The company’s aluminium ingot price is hovering at INR 188,250 per tonne versus INR 189,750 per tonne last week.

Hindalco generally links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which on March 29 decreased by US$ 5 per to US$ 2255.50 per tonne and further to US$ 2220.50 per tonne on March 30. Currently, on a year-on-year basis, the price is higher by US$ 725.50 per tonne or 48.53 per cent from US$ 1495 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.

source https://www.alcircle.com/news/hindalco-reduces-aluminium-products-prices-by-inr1500-t-on-march-31-in-line-with-lower-lme-aluminium-price-63874