Hindalco reduces aluminium wire rod and billets prices by 1% with effect from March 9

Hindalco Industries Limited has again cut its aluminium products and aluminium ingot prices with effect from Tuesday, March 9, after an intermittent hike on Saturday, March 6. Hindalco has reduced its aluminium wire rod price by INR 2,000 per tonne or 1.02 per cent from INR 195,850 per tonne to INR 193,850 per tonne.

Hindalco’s aluminium billets price has come in at INR 189,850 per tonne, registering a downfall of INR 2,000 per tonne or 1.04 per cent from INR 191,850 per tonne on March 6.

With the latest cut, Hindalco’s aluminium ingot price is hovering around INR 182,750 per tonne compared to INR 184,750 per tonne on Saturday.

 Hindalco generally links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which on Monday, March 8 decreased from US$ 2185 per tonne to US$ 2152.50 per tonne. On a year-on-year basis, the three-month futures of aluminium on LME are currently up by about US$ 465.60 per tonne or 21.63 per cent.

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.