Hindalco, with effect from Saturday, January 11, has reduced the prices of its aluminium ingots, billets, and wire rods by more than 1%, marking the second consecutive price cut in a week.
While the aluminium ingot price has been reduced by 1.2 per cent from INR 145,500 per tonne on January 9 to INR 143,750 per tonne on January 11, the price of the aluminium billet is cut by 1.15 per cent from INR 152,100 per tonne to INR 150,350 per tonne. The aluminium wire rod price is now standing at INR 154,350 per tonne after being cut by over 1 per cent from INR 156,100 per tonne.
Vedanta Limited has also cut the prices of its aluminium products by more than 1 per cent, but with effect from Tuesday, January 14. The price of its aluminium ingots now costs at INR 140,750-153,750 per tonne.
Both Hindalco and Vedanta typically link the prices of their products to the three-month futures contract of aluminium on the London Metal Exchange, which has declined nearly 2% so far this month.
Hindalco’s aluminium operations, excluding those of its US arm Novelis Inc, generally account for nearly half of its total sales and 70% of its operating profit.