Hindalco Industries Limited has further decreased its aluminium ingot and products prices, with effect from Saturday, April 30. This marks the fourth consecutive cut since April 21. As per the revised prices revealed, Hindalco has cut its aluminium ingot price by INR 2,750 per tonne or 1.02 per cent to INR 266,750 per tonne. On a day earlier, April 29, the price stood at INR 269,500 per tonne, seeing a trim of INR 2,500 per tonne.
Hindalco’s aluminium wire rod price has come in at INR 277,850 per tonne, down by INR 2,750 per tonne from INR 280,600 per tonne on the previous day. Aluminium billets price is hovering at INR 280,850 per tonne, witnessing a downfall of 0.97 per cent from INR 283,600 per tonne on April 29.
Hindalco links its aluminium ingot and products prices to the three-month futures of aluminium on the London Metal Exchange. So, in response to the back-to-back LME aluminium price fall on April 28 & 29 from US$3,100 per tonne to US$3,039 per tonne, Hindalco has continued to cut its aluminium prices. The LME aluminium benchmark price is now standing at US$544 per tonne lower month-on-month.
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/hindalcos-aluminium-ingot-price-sees-fourth-consecutive-cut-by-inr2750-t-on-april-30-79301
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