Hindalco elevates its aluminium ingot price by INR4750/t on March 2 after successive cuts last week
Hindalco Industries Limited has increased its aluminium ingot and aluminium products prices on Thursday, March 2, after consecutive cuts last week during February 23-25. The company has added INR 4,750 per tonne to its aluminium ingot price to bring it to INR 224,750 per tonne versus INR 220,000 per tonne on February 25.
Hindalco’s aluminium wire rod price has also been lifted by INR 4,750 per tonne or 2.05 per cent on March 2 to INR 235,850 per tonne. Last week, on Saturday, the price was closed at INR 231,100 per tonne The company’s aluminium billets price has also experienced an increase of INR 4,750 per tonne, reaching INR 238,850 per tonne as of March 2, compared to INR 234,100 per tonne on February 25.
Hindalco links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metals Exchange, which soared US$64 per tonne on March 1 to peg at US$2,364 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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Next articleKey highlights from the global aluminium value chain, February 2023
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