Hindalco’s aluminium products prices loss INR6000/t on October 22 in line with LME price plunge

Hindalco Industries’ aluminium products prices suffered a loss of INR 6,000 per tonne on October 22, the same amount as they grew by the previous day. Therefore, the company’s aluminium billets price came in at INR 219,600 per tonne on Saturday, October 22, versus INR 225,600 per tonne on Friday, October 21.

Hindalco’s aluminium wire rod price stood at INR 216,600 per tonne on October 22 compared to INR 222,600 per tonne on the previous day. Aluminium ingot price was no exception but also saw a cut of INR 6,000 per tonne on Saturday, October 22, to peg at INR 205,500 per tonne.

Hindalco Industries Limited reduced its aluminium prices in response to a sharp downfall of US$98.50 per tonne in the three-month futures of aluminium on the London Metal Exchage on Friday. The price thus, slipped from US$2,214 per tonne on October 21 to US$2,115.50 per tonne on October 22.

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.