Hindalco, one of the aluminum companies in India, announced its sales report, which showed that the company's second quarter's net profit fell by 33% due to the global economic slowdown and falling commodity prices.
As the trade war escalated, prices of industrial goods were affected to varying degrees, raising fears of a recession. The storm also affected the aluminum industry.
London Metal Exchange (LME)’s aluminum prices also faced a fall by 14% from July to August, came to around US$1,800/ton.
Hindalco said its combined net profit from this July to September was around Rs 9.7 billion, lower than the previous expectation from market analytics.
Aluminum price falling causes Hindalco's profit to fall by 33% q-o-q in Q2
13 Nov 2019 15:53 reported by Lemon
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