Hindalco reduces its aluminium ingot price by 2% with effect from March 24

Hindalco Industries Limited has dropped the prices of its aluminium ingots by 1.65%, the fourth consecutive cut in price. With effect from March 24, the price for Hindalco aluminium ingots now stands at INR 134,500 per tonne, from INR 136,750 per tonne, on March 19.

The prices of wire rods and billets have reduced by 1.53% and 1.57% to stand at INR 145,100 per tonne and INR 141,100 per tonne. The prices of these products were 147,350 per tonne and INR 143,350 per tonne on Thursday, 19 March 2020.

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 nearly 15% in the current quarter 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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