Hindalco cuts its aluminium ingot price by 1.89% with effect from March 7

Hindalco Industries Ltd has reduced the prices of aluminium ingots by 1.89% on Saturday, 7 March, after raising the price of the same product by 1.93% on Thursday. With effect from March 7, the price for Hindalco aluminium ingots now stands at INR 142,500 per tonne, down from INR 145,250 per tonne on March 5.

The prices of wire rods and billets have dropped by 1.76% and 1.81% from March 5 to stand at INR 153,100 per tonne and INR 149,100 per tonne on Saturday, 7 March. The prices of these products were INR 155,850 per tonne and INR 151,850 per tonne on March 5.

The Indian aluminium producers generally link prices of its products to the three-month futures of aluminium on London Metal Exchange. The three-month futures of aluminium are down due to slower demand in China following the coronavirus outbreak.

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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