Hindalco back-to-back hikes its aluminium ingot price w.e.f November 19; price grows close to INR17,000/t

Hindalco Industries Limited is incessantly expanding the prices of its aluminium ingots and aluminium products since October 31 as the global aluminium benchmark price on the London Metal Exchange has surged significantly over more than a week. Like any other Indian aluminium producers, Hindalco links its aluminium ingot and aluminium product prices to the three-month futures of aluminium on the London Metal Exchange.

With effect from November 19, Hindalco has increased the price of its aluminium ingot by INR 2,250 per tonne to INR 169,500 per tonne, marking the seventh consecutive time.

The company’s aluminium wire rod price has also gained INR 2,250 per tonne on November 19 to come in at INR 180,600 per tonne as against INR 178,350 per tonne a day earlier.

Hindalco’s aluminium billets price, with effect from November 19, is standing at INR 176,600 per tonne, growing by INR 2,250 per tonne from INR 174,350 per tonne on November 18.

As of November 18, the three-month futures of aluminium on the London Metal Exchange grew to stand at US$ 1,978 per tonne, and thus, recorded an of US$ 206 per tonne or 11.63 per cent over the year.

Aluminium operations of Hindalco Industries Limited, excluding those of its US arm Novelis Inc, generally account for nearly half of its total sales and 70% of its operating profit.