Hindalco’s aluminium ingot price sees a decline of INR1500/t with effect from May 12

Hindalco’s aluminium ingot and aluminium products prices witnessed a decline on Wednesday, May 12, following a rise on the previous day. The company reduced its aluminium ingot price by INR 1,500 per tonne to INR 215,500 per tonne with effect from May 12. On May 11, the price stood at INR 217,000 per tonne, reflecting a hike of INR 2,750 per tonne from the previous day.

Hindalco’s aluminium billets price came in at INR 222,600 per tonne compared to INR 224,100 per tonne on May 11. Since the latest hike on May 12, Hindalco Industries is selling its aluminium wire rod at INR 226,600 per tonne, which is also down by INR 1,500 per tonne from INR 228,100 per tonne on May 11.

Hindalco links its aluminium products and aluminium ingot prices to the three-month futures of aluminium on the London Metal Exchange, which during May 11-12 declined by US$ 91 per tonne to stand at US$ 2,474 per tonne. On a month-on-month calculation, the three-month futures of aluminium on LME are up by US$ 220 per tonne or 9.76 per cent, while on the year increased by US$ 1,031 per tonne or 71.45 per cent.

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/hindalcos-aluminium-ingot-price-sees-a-decline-of-inr1500-t-with-effect-from-may-12-65261