Hindalco further hikes its aluminium ingot price by INR4250/t on January 13 as LME price exceeds US$3000/t
Hindalco Industries Limited has further hiked its aluminium ingot and aluminium products prices in line with the LME aluminium benchmark price surge yet again above US$3,000 per tonne. With effect from Thursday, January 13, Hindalco has increased the aluminium ingot price by INR 4,250 per tonne to INR 255,250 per tonne. On Wednesday, January 12, the company’s aluminium ingot price stood at INR 251,000 per tonne seeing a rise of INR 1,500 per tonne.
The latest hike has brought the company’s aluminium wire rod price to INR 266,350 per tonne on January 13, compared to INR 262,100 per tonne on January 12. Hindalco’s aluminium billets selling price is hovering around INR 269,350 per tonne as of January 13, up by INR 4,250 per tonne from INR 265,100 per tonne on January 12.
Hindalco links its aluminium prices to the three-month future of aluminium on the London Metal Exchange, which has been growing incessantly since the onset of January 2022. On January 12, the price grew by US$53 per tonne to exceed US$3,000 per tonne yet again. Data shows, the price settled at US$3,003 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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