Hindalco continues to cut its aluminium products prices, bringing the wire rod price to INR222600/t on March 14

Hindalco Industries Limited has continued to cut its aluminium products prices for the fourth consecutive time since March 2 in line with the sluggish trend in the LME aluminium benchmark price. With effect from Tuesday, March 14, Vedanta has reduced its aluminium wire rod price by INR 1,500 per tonne to INR 222,600 per tonne. On Saturday, March 11, the company’s wire rod price was at INR 224,100 per tonne, undergoing a much higher cut of INR 5,750 per tonne.

With the latest cut, Hindalco’s aluminium billets price has come in at INR 225,600 per tonne as of March 14, also down by INR 1,500 per tonne from INR 227,100 per tonne on March 11. Hindalco’s aluminium ingot price has stopped at INR 211,500 per tonne per tonne as of March 14 after seeing incessant cuts for the past week. On March 14, the price has seen a cut of INR 1,500 per tonne from INR 213,000 per tonne on March 11.

Hindalco links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which declined by US$54.50 per tonne over the past four days to US$2,236.50 per tonne on March 13, following an intermittent increase of US$2.5 per tonne on March 9.

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.