Hindalco increases its price cut rate to 3.25% bringing aluminium wire rod price to INR253350/t

Hindalco Industries Limited has continued to slash its aluminium products and aluminium ingot prices, with effect from May 10, 2022. This marks the seventh consecutive price cut by Hindalco since April 21. On May 10, Hindalco’s aluminium wire rod price has come in at INR 253,350 per tonne, down by INR 8,500 per tonne or 3.25 per cent compared to the cut of INR 4,750 per tonne on Saturday, May 7. On May 7, Hindalco aluminium wire rod price stood at INR 261,850 per tonne.

The latest cut has brought Hindalco’s aluminium billets price to INR 256,350 per tonne, also down by INR 8,500 per tonne from INR 264,850 per tonne on May 7. The company’s aluminium ingot price is no exception but seen a slash of the same amount to come in at INR 242,250 per tonne, with effect from May 10.

Hindalco has continued to cut its aluminium prices on May 10 in response to the sharp falls of the three-month futures of aluminium on the London Metal Exchange from US$2,929 per tonne on May 4 to US$2,708 per tonne on May 9. On a month-on-month calculation, the LME aluminium benchmark price is significantly down by about US$687 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.