Hindalco expands its aluminium ingot price hike to INR143500/t with effect from July 10

Hindalco Industries Limited has further expanded the price hike of its aluminium ingot and aluminium product for the third consecutive day, with effect from Friday, July 10. With the latest hike, Hindalco’s aluminium ingot price is now standing at INR 143,500 per tonne, up by INR 3,250 per tonne or 2.32 per cent from INR 140,250 per tonne on July 9.

Hindalco’s aluminium wire rod price is at INR 154,600 per tonne, registering a rise of 2.15 per cent or INR 3,250 per tonne from INR 151,350 per tonne on the previous day. The price of the company’s aluminium billets is hovering at INR 150,600 per tonne, also up by INR 3.250 per tonne or 2.2 per cent from INR 147,350 per tonne.

Like any other major Indian aluminium producers, Hindalco links its aluminium prices to the three-month futures of the metal on the London Metal Exchange. In the last two days, LME aluminium futures prices displayed a positive sentiment ranging between US$ 1619 per tonne and US$ 1639.50 per tonne. Also, the decline of the over-all three-month futures of aluminium has slid from over 9 per cent to 7.5 per cent. But still, the aluminium prices are expected to remain under pressure due to the ongoing COVID-19 pandemic.

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.