Hindalco Industries Limited has back-to-back increased the prices of its aluminium ingot and aluminium products, with effect from Thursday, January 7. After increasing the price of aluminium wire rod by INR 2750 per tonne or 1.53 per cent on January 6, Hindalco Industries on the very next day has further expanded the price by INR 3000 per tonne or 1.64 per cent to INR 185,600 per tonne.
Hindalco’s aluminium billets price has also been raised by INR 3000 per tonne on January 7, and so the price of aluminium ingot. The company’s aluminium billets price is now standing at INR 181,600 per tonne compared with INR 178,600 per tonne on January 6.
The price of aluminium ingot has come in at INR 174,500 per tonne from INR 171,500 per tonne on a day ago.
Hindalco Industries Limited links the prices of its aluminium products and aluminium ingot to the three-month futures of aluminium on the London Metal Exchange, which has been growing since the beginning of 2021. Between January 4 and January 6, the three-month futures of aluminium on LME have increased by US$ 49 per tonne from US$ 2013.50 per tonne to US$ 2062.50 per tonne.
Aluminium operations of the company, excluding those of its US arm Novelis Inc, generally account for nearly half of its total sales and 70% of its operating profit.
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