Hindalco Industries cuts its aluminium wire rod & billet prices for the third day by INR4000/t

Hindalco Industries Limited has back-to-back cut its aluminium products and aluminium ingot prices on October 18 and 19. As per the revised prices revealed, Hindalco’s latest aluminium wire rod price stands at INR 218,850 per tonne on October 19 versus INR 222,850 per tonne on October 18. Today, the price has seen a cut of INR 4,000 per tonne, while the price underwent a slash of INR 6,250 per tonne a day before.

Hindalco’s aluminium billets price is hovering around INR 221,850 per tonne as of October 19, down by INR 4,000 per tonne from INR 225,850 per tonne on the previous day. On October 18, Hindalco’s aluminium billets price witnessed a slash of INR 6,250 per tonne from INR 232,100 per tonne.

Aluminium ingot price has also been reduced by INR 4,000 per tonne on October 19 to record at INR 207,750 per tonne. On October 18, the price stood at INR 211,750 per tonne, down by INR 6,250 per tonne from INR 218,000 per tonne on October 15.

Hindalco Industries has back-to-back cut its aluminium products and aluminium ingots prices in response to the LME aluminium price. From October 18 to October 19, the LME aluminium benchmark price slumped by US$39.5 per tonne to peg at US$2,200.50 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.