Two major aluminium producers of India, Hindalco and Vedanta have raised their ingot prices in the domestic market to match with the increase in international prices.
The price of Hindalco’s P1020 EC Grade Ingot & Sow with 99.7% purity was raised to INR 14,4000 (US$2009) per tonne on August 17, 2019. The price of the same product stood at INR 14,2000 (US$1982) per tonne after the last hike on August 14. The price range is slightly lower than where it stood a month earlier. With this price hike, the rates of the company's products are nearly at the same level as that at the end of the last quarter.
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According to Balco’s price list, the price of P1020 EC grade ingot with purity above 99.7% was raised to INR 14,5000 (US$2023) per tonne on August 17, 2019. The price of the same product stood at INR 14,2750 (US$1993) per tonne after the last hike on August 7.The current price is higher than where it stood one month ago (INR 14,4500 or US$2097 per tonne).
This is the second time in a row that the company has raised the prices of its products. So far in this quarter, the prices of its products are up nearly 3% as compared to the end of the last quarter.
As on August 17, aluminium ingot prices for Hindalco and Vedanta stood at US$2009 per tonne and US$2023 per tonne respectively.
The Indian producers generally link prices of its products to the three-month futures of aluminium on London Metal Exchange. As on August 17, Friday, LME aluminium three months price stood at US$ 1784 per tonne, down about 3.8% from US$ 1856 per tonne one month back.
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