Hindalco Industries Limited further cuts its aluminium wire rod price significantly by INR11000/t

Hindalco Industries Limited again cut its aluminium products prices significantly, with effect from Thursday, October 28. Hindalco’s aluminium wire rod price came in at INR 247,850 per tonne after being plunged by INR 11,000 per tonne or 4.25 per cent from INR 258,850 per tonne on October 27.

Hindalco’s aluminium billets price also saw a slash of INR 11,000 per tonne to INR 247,350 per tonne as of October 28. On the previous day, the price stood at INR 258,850 per tonne, seeing a plunge of INR 6,500 per tonne.

Hindalco is currently selling its aluminium ingot at INR 236,750 per tonne as compared to INR 247,750 per tonne on October 27.

Hindalco Industries Limited links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which slumped on October 27 by US$127 per tonne to stand at US$2,704 per tonne.  On a month-on-month calculation, the price stood down by US$184 per tonne from US$2,888 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.