Hindalco Industries Limited has continued to reduce its aluminium products and ingot prices, with effect from April 29, albeit slower than the previous day. Hindalco has cut its aluminium billets price by INR 2,500 per tonne or 0.87 per cent to stand at INR 283,600 per tonne. On the last cut on April 26, the company’s aluminium billets price came in at INR 286,100 per tonne after being sharply cut by INR 11,250 per tonne.
Hindalco’s aluminium wire rod price has also been trimmed by INR 2,500 per tonne, with effect from April 29, to INR 280,600 per tonne. The last cut had brought the price to INR 283,100 per tonne.
As per the revised price list revealed, Hindalco is currently selling its aluminium ingot at INR 269,500 per tonne versus INR 272,000 per tonne on April 26.
Hindalco links its aluminium ingot and products prices to the three-month futures of aluminium on the London Metal Exchange. In the past two days, the LME aluminium benchmark price shrank by US$37.50 per tonne from US$3,103 per tonne on April 26 to US$3,065.50 per tonne on April 28. That brought the price further lower by US$540.50 per tonne on the month from US$3,606 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.
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