Hindalco Industries Limited slashed its aluminium products and aluminium ingot prices back-to-back this week, following incessant hikes since May 13. On May 25, Hindalco reduced its aluminium wire rod price by INR 6,750 per tonne to INR 268,850 per tonne and extended the cut by INR 4,750 per tonne to INR 264,100 per tonne on May 26. So in total, the price saw a slash of INR 11,500 per tonne in two days.
Hindalco’s aluminium billets price also saw a cut of INR 4,750 per tonne on May 26 to INR 267,100 per tonne after being reduced by INR 6,750 per tonne to INR 271,850 per tonne on May 25. Aluminium ingot price was also cut by INR 6,750 per tonne on Wednesday, May 25, to INR 257,750 per tonne and witnessed a trim of INR 4,750 per tonne the next day to INR 253,000 per tonne.
Hindalco back-to-back reduced its aluminium ingot and products prices in response to the LME aluminium price fall by US$133.50 per tonne from US$2,963 per tonne on May 23 to US$2,829.50 per tonne on May 25.
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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-back-to-back-cuts-its-aluminium-wire-rod-billet-prices-by-total-inr11500-t-80554
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