Hindalco Industries sharply cuts its aluminium wire rod price by INR9000/t with effect from November 27

Hindalco Industries Limited slashed its aluminium products and aluminium ingot prices on Saturday, November 27, following three consecutive hikes since November 23. The latest cut brought the company’s aluminium wire rod price to INR 240,350 per tonne from INR 249,350 per tonne on November 26. That reflected a downfall of INR 9,000 per tonne.

Hindalco’s aluminium billets price stood at INR 239,850 per tonne with effect from November 27, also down by INR 9,000 per tonne from INR 248,850 per tonne. Hindalco’s aluminium ingot selling price came in at INR 229,250 per tonne after being declined from INR 238,250 per tonne on November 26.

Hindalco Industries Limited links its aluminium ingot and aluminium products prices to the three-month future of aluminium on the London Metal Exchange, which recorded a plunge of US$122 per tonne on November 26 to US$2,618.50 per tonne. However, on a month-on-month calculation, the price stood down by US$212.50 per tonne from US$2,831 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.