Hindalco Industries’ aluminium wire rod price sees a slash of INR3750/t with effect from December 30

Hindalco Industries Limited has slashed both of its aluminium wire rod and billets prices, with effect from Thursday, December 30. The company’s aluminium wire rod price has witnessed a cut of INR 3,750 per tonne to stand at 256,600 per tonne, as against INR 260,350 per tonne on December 25.

Hindalco’s aluminium billets price has also been cut by INR 3,750 per tonne on December 30 from INR 263,350 per tonne to INR 259,600 per tonne.

The company’s aluminium ingot price has experienced no exception but a plunge of INR 3,750 per tonne to INR 245,500 per tonne, in comparison with INR 249,250 per tonne on December 25.

Hindalco links its aluminium ingot and aluminium products prices to the three-month future of aluminium on the London Metal Exchange, which on December 29 fell by US$13 per tonne to settle at US$2,835 per tonne, following the Christmas Holiday from December 25 to 28. On a month-on-month basis, the price stood up by US$185 per tonne or 7 per cent from US$2,650 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.