Hindalco Industries’ aluminium ingot price declines by INR2250/t with effect from May 6

Hindalco Industries’ aluminium ingot and aluminium products prices again saw a cut on Friday, May 6, but at a lower rate compared to the previous day. According to the latest price list, the company reduced its aluminium ingot price by INR 2,250 per tonne or 0.87 per cent to INR 255,500 per tonne. On a day ago, May 5, the ingot price stood at INR 257,750 per tonne, experiencing a slash of INR 9,000 per tonne.

Hindalco’s aluminium wire rod price also saw a cut of INR 2,250 per tonne to INR 266,600 per tonne, with effect from May 6, to be sold at INR 266,600 per tonne. Aluminium billets price came in at INR 269,600 per tonne, down by 0.83 per cent or INR 2,250 per tonne as well from INR 271,850 per tonne.

Hindalco further cut its aluminium prices on May 6 in tandem with the decline in the three-month futures of aluminium on the London Metal Exchange by US$12 per tonne to US$2,917 per tonne. On a month-on-month calculation, the LME aluminium benchmark price is down by US$498 per tonne from US$3,415 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.