Calculate Embedded Emissions for Unwrought Aluminium (HS7601)

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Payable emissions (tCO₂e/t)

Total CBAM Cost (€)

Notes:
There may be a difference when calculating the price with respect to import volume, carbon price, and benchmark emissions, as the embedded formula may result in minor variations due to decimal rounding. Therefore, the actual value may vary.

CBAM is applicable to trade volumes starting from 50 metric tonnes. For trade volumes below 50 metric tonnes, CBAM does not apply.

Usage Procedure – How to use the CBAM Calculator Sheet

Enter or update values only in the INPUT
PARAMETERS section (Highlighted in blue) , including
the carbon price, benchmark emissions, CBAM
chargeable percentage (as per the phase-in year),
and imported quantity.

The system will automatically calculate the payable
emissions and the total CBAM cost (€) based on the
inputs provided.

Notes:
• Change any input value to automatically update CBAM cost.
• Formula used: Carbon price × payable emissions × quantity.
• Model aligned with CBAM supplier-side illustrative methodology.

12 JANUARY 2026 AL CIRCLE

HSBC upped the target price for Hindalco based on aluminium price tailwinds

EDITED BY : NILANJANA BANERJEE 2MINS READ

Hindalco Official Logo

Spotlight returns on the shares of Hindalco Industries following the HSBC Global Investment Research reaffirming its Buy rating and raising its target price. It cited the earnings and valuation-related upside risks with the tightening of global aluminium markets.

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HSBC raised its target price from INR 1040 (USD 11.52) to INR 1060 (USD 11.75), highly indicative of a potential upside of approximately 17 per cent from prevailing market levels.

Potential of earnings upside

HSBC noted that over the next two financial years, Hindalco’s earnings have the potential to outperform expectations significantly at the current USD/INR exchange rates and LME aluminium prices. This stands even though HSBC’s forecasts are already among the most optimistic estimates.

According to brokerage, Hindalco’s earnings per share could go higher by 22 per cent in FY27 and 20 per cent in FY28, provided aluminium prices and currency assumptions remain near their current levels.

Additionally, it emphasised that the rise in aluminium prices has been faster than its earlier assumptions. Consequently, it has bolstered profitability prospects across the upstream operations of Hindalco as well as its US-based subsidiary, Novelis.

Tailwind factors in the aluminium market

A central component of HSBC’s bullish view is increasing visibility on the structural tightness of global aluminium supply.

The major areas that it highlighted were the demand in China that remained resilient amidst a typical year-end slowdown, and China’s effective capacity cap leading to output constraints. Moreover, limited new overseas supply additions alongside the shutdown of South32’s Mozal smelter from March 2026, keep adding to the tightened aluminium supply in the market.

According to HSBC, aluminium supply constraints are increasingly policy and infrastructure-driven, which, despite a higher-price environment, raises challenges in resolving the issue quickly.

Image source: https://www.adityabirla.com/

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Last updated on : 12 JANUARY 2026