Hindalco cuts aluminium ingot price by over 2% with effect from January 8

Hindalco Industries Limited has sharply reduced its aluminium ingot and aluminium products prices with effect from Friday, January 8, after hiking them in the past two consecutive days. With the latest cut, Hindalco’s aluminium ingot price has come in at INR 170,000 per tonne, a decrease of INR 4,500 per tonne or 2.58 per cent from INR 174,500 per tonne on January 7.

Hindalco has reduced its aluminium wire rod price by INR 4,500 per tonne as well from INR 185,600 per tonne on January 7 to INR 181,100 per tonne on January 8. The company is selling its aluminium billets price at INR 177,100 per tonne with effect from January 8 in comparison with INR 181,600 per tonne on January 7.

Hindalco Industries Limited links the prices of its aluminium ingot and aluminium products to the three-month futures of aluminium on the London Metal Exchange, which between January 6 and 8 fell by US$ 33 per tonne from US$ 2062.50 per tonne to US$ 2029.50 per tonne. Nonetheless, on a year-on-year calculation, the three-month futures of aluminium on LME are up by US$ 257.50 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.