Hindalco drops its aluminium ingots price by 1.26% with effect from February 28

Hindalco Industries Ltd has reduced the prices of aluminium ingots by 1.26% on Friday, 28 February 2020, after raising it by 1.09% on Wednesday. With effect from February 28, the aluminium ingot price now stands at INR 137,250 per tonne, from INR 139,000 per tonne on February 26.

The company has dropped the prices of wire rods and billets by 1.17% and 1.2% from February 26. The prices for Hindalco products now stand at INR 147,850 per tonne and INR 143,850 per tonne, from INR 149,600 per tonne and INR 145,600 per tonne.

The Indian aluminium producers generally link prices of its products to the three-month futures of aluminium on London Metal Exchange. The three-month futures of aluminium are down nearly 7% in the current quarter due to slower demand in China following the coronavirus outbreak.

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.