Hindalco cuts its aluminium wire rod and billets prices by INR1750/t after four hikes in a row

Hindalco Industries Limited cut its aluminium products and aluminium ingot prices, with effect from Saturday, January 22, following four consecutive hikes since January 15, 2022. The company reduced its aluminium wire rod price by INR 1,750 per tonne to INR 274,600 per tonne, compared to INR 276,350 per tonne on January 21.

Hindalco’s aluminium billets price was also chopped by INR 1,750 per tonne on January 22 from INR 279,350 per tonne to INR 277,600 per tonne. The company’s aluminium ingot price also saw a downfall of INR 1,750 per tonne from INR 265,250 per tonne to INR 263,500 per tonne.

Hindalco links its aluminium ingot and aluminium products prices to the three-month future of aluminium on the London Metal Exchange, which on January 21 fell by US$30 per tonne to US$3,079.50 per tonne. However, on a month-on-month calculation, the price stood up by US$383.50 per tonne from US$2,696 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.