Hindalco Industries Limited has elevated its aluminium ingot and aluminium products prices on Friday, March 24, following a cut about a week earlier. With effect from March 24, the company has increased its aluminium ingot price by INR 2,000 per tonne to INR 214,750 per tonne. Last Saturday, March 18, the ingot price stood at INR 212,750, down by INR 1,250 per tonne from 214,000 per tonne on March 16.
On March 24, Hindalco’s aluminium wire rod price has also experienced an increase of INR 2,000 per tonne, following a cut of INR 1,250 per tonne last week, which brought the price to INR 223,850 as of March 18. With the hike this week, the company’s wire rod price stands at INR 225,850 per tonne.
Hindalco’s aluminium billets price is no exception but seen a rise of INR 2,000 per tonne to stand at INR 228,850 per tonne as of March 24. On March 18, the price settled at INR 226,850 per tonne, down by INR 1,250 per tonne from INR 228,100 per tonne on March 16.
Hindalco links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which slipped by US$14 per tonne during March 15-17 to stop at US$2,232 per tonne but grew the next days to settle at US$2,265 per tonne on March 23.
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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