Hindalco Industries Ltd has reduced the prices of aluminium ingots, billets, and wire rods by nearly 1.5%. With effect from January 30, the aluminium ingot price now stands at INR 140,750 per tonne, a decrease of 1.57 from INR 143,000 per tonne on January 28. This is the third time in a row that the company has dropped the prices of its aluminium ingots.
Hindalco has dropped the prices of wire rods and billets by 1.46% and 1.5% from January 28. The prices for Hindalco products now stand at INR 151,350 per tonne and INR 147,350 per tonne, from INR 153,600 per tonne and INR 149,600 per tonne.
The Indian aluminium producers generally link prices of its products to the three-month futures of aluminium on London Metal Exchange.
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.
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