Hindalco’s aluminium ingot price sees a slash of 3% on October 29 after a significant hike the previous day

Hindalco Industries Limited axed its aluminium ingot and aluminium products prices, effective from Saturday, October 29, following a hike on a day before. On Friday, October 28, Hindalco increased its aluminium ingot price by INR 11,500 per tonne to sell the item at INR 217,000, while on October 29, the company reduced it by INR 6,500 per tonne or 3 per cent to INR 210,500 per tonne.

Hindalco’s aluminium wire rod price also saw a cut of INR 6,500 per tonne on October 29 to come in at INR 221,600 per tonne after it rallied by INR 11,500 per tonne on the previous day to peg at INR 228,100 per tonne. The company’s aluminium billets price is currently summed up at INR 224,600 per tonne, with effect from October 29, versus INR 231,100 per tonne on October 28.

Hindalco Industries Limited cut its aluminium prices on October 29 in response to the plunge of US$71 per tonne on the three-month futures of aluminium on the London Metal Exchange to US$2,226 per tonne as of October 28, following the former four consecutive days of hike from US$2,155.50 per tonne to US$2,297 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/hindalcos-aluminium-ingot-price-sees-a-slash-of-3-on-october-29-after-a-significant-hike-the-previous-day-85980