Hindalco Industries Limited has extended its aluminium ingot and aluminium product price hike for the third time in a row with effect from Wednesday, August 5. According to the price listed by Hindalco, the aluminium ingot price is now standing at INR 147,750 per tonne, up by INR 2,500 per tonne or 1.72 per cent from INR 145,250 per tonne on July 30.
The price of Hindalco’s aluminium wire rod is now at INR 158,850 per tonne, registering a hike of INR 2,500 per tonne or 1.60 per cent from INR 156,350 per tonne. The company’s aluminium billet price has also been raised by the same amount or 1.64 per cent from INR 152,350 per tonne to INR 154,850 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 one week during July 30-Aug 4, the three-month aluminium futures price on LME recorded back-to-back rises from US$ 1681.50 per tonne to US$ 1709.50 per tonne. So, the overall decline in the three-month futures price of aluminium on LME has come down to 3.52 per cent so far this year.
Aluminium operations of Hindalco, 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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