Indian aluminium prices dropped by Rs1,750/mt ($25/mt) on Dec 11 after Hindalco and Balco lowered their prices in response to weaker market conditions.
Hindalco lowered P1020 prices to Rs141,000-142,000/mt on Dec 11, from Rs142,750-143,750mt on Dec 6.
Balco lowered P1020 prices to Rs142,500-143,000/mt on Dec 11, from Rs144,250-144,750mt on Dec 6.
The two producers lowered prices on all other finished aluminium products with Hindalco dropping billet prices to Rs148,100/mt from Rs148,850/mt and Balco lowering ADC12 prices to Rs146,700/mt from Rs148,450/mt.
London Metal Exchange’s three-month aluminium official prices settled Dec 11 at $1,749/mt, down from $1755.5/mt on Dec 6.
This week’s drop in primary aluminium prices in India outpaced the drop in LME prices by $16/mt as demand from key sectors like construction and infrastructure has failed to meet market expectation.