India: Balco, Hindalco cut aluminium ingot prices by INR 5,000/t ($61/t)

Balco and Hindalco have cut aluminium ingot (P1020 grade 99.7%) prices by INR 5,000/t ($61/t) d-o-d. Balco’s effective prices stand at INR 215,250/t ($2,615/t) while Hindalco’s prices are at INR 210,500/t ($2,558/t). The decline in spot and futures prices at the major exchange markets amid dull sentiments led to the price cut by primary players, SteelMint notes.