Mumbai-based Hindalco, the world’s largest aluminum rolling company, has reported a 49 percent drop in net profit in the fourth quarter of the Indian fiscal year due to one-time state levies in Madhya Pradesh and Uttar Pradesh. Revenue from operations was up 21 percent at on higher metal production. Depreciation was up 41 percent.
The aluminum cash price saw the biggest increase at 1.4 percent on the LME, finishing at $1,801 per metric ton for Thursday, May 29. After two flat days, the 3-month price of aluminum inched up 1.3 percent yesterday on the LME to $1,842. The Indian aluminum cash price inched up 1.0 percent to INR 109.35 ($1.85) per kilogram.
Chinese aluminum closed mixed yesterday. The cash price of Chinese aluminum dropped by 0.6 percent to CNY 13,270 ($2,123) per metric ton after holding steady. The price of Chinese aluminum scrap remained essentially flat at CNY 12,250 ($1,959) per metric ton. The price of Chinese aluminum billet saw essentially no change for the fifth day in a row, remaining around CNY 13,590 ($2,174) per metric ton. The price of Chinese aluminum bar was unchanged at CNY 14,200 ($2,271) per metric ton.