Hindalco reduces aluminium prices by more than 1 per cent this week

Hindalco Industries Limited has reportedly reduced the prices of aluminium ingots, billets and wire rods for the second time this week. With effect from Wednesday, the prices are cut by more than 1 per cent.

While the ingot price is reduced from INR143,250 per tonne, as on last Friday, December 6, to INR 141,500 per tonne, the prices of billets and wire rods are down from INR 149850 per tonne to 148100 per tonne and from INR 153850 per tonne to INR 152100 per tonne, respectively.

Hindalco generally links its products’ prices with those of the metal in international markets. The three-month futures of aluminium are up nearly 3 per cent on the London Metal Exchange so far in the current quarter. In August and September, the aluminium prices had recorded a fall on LME.

The aluminium operations of Hindalco Industries, excluding those of US-based subsidiary Novelis Inc, generally account for nearly half of its sales and 70 per cent of its operating profit.

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