Hindalco up its aluminium wire rod price cut rate to 3.8% on June 2

Hindalco Industries Limited’s aluminium products and aluminium ingot prices saw back-to-back cuts in past two days on June 1 and June 2. As per the data revealed by the company, Hindalco’s aluminium wire rod price underwent a slash of INR 10,000 per tonne or 3.79 per cent on June 2 to total INR 253,350 per tonne. On June 1, the price was cut by INR 3,500 per tonne from INR 266,850 per tonne on May 31 to INR 263,350 per tonne.

Hindalco also decreased its aluminium billets price by INR 10,000 per tonne from INR 266,350 per tonne on June 1 to INR 256,350 per tonne on June 2. The price on June 1 was reduced by INR 3,500 per tonne from a day before.

The price of aluminium ingot plunged by INR 10,000 per tonne as well, with effect from June 2, to score at INR 242,250 per tonne. The amount recorded on June 1 was INR 252,250 per tonne, which was down by INR 3,500 per tonne from INR 257,750 per tonne on May 31.

As of Thursday, June 2, Hindalco decreased its aluminium ingot and product prices in response to the LME aluminium price, which recorded a decline of US$115 per tonne on June 1 from its previous day to close at US$2,701.50.

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.