Hindalco further hikes its aluminium wire rod & billets prices by INR3500/t with effect from January 7
Hindalco Industries Limited has continued to increase its aluminium products and aluminium ingot prices for the third consecutive day, with effect from Friday, January 7. The company has hiked its aluminium wire rod price by INR 3,500 per tonne, bringing it to INR 260,600 per tonne. A day ago (on January 6), the product’s price was INR 257,100 per tonne, seeing a rise of INR 1,250 per tonne.
Hindalco’s aluminium billets price is currently hovering around INR 263,600 per tonne, also up by INR 3,500 per tonne from INR 260,100 per tonne on January 6.
The company’s aluminium ingot price has recorded no exception but an increase of INR 3,500 per tonne on January 7 from INR 244,750 per tonne to INR 249,500 per tonne.
Hindalco has further grown its aluminium prices in line with the three-month future of aluminium on the London Metal Exchange, which surged on January 5 by US$50.50 per tonne to stand at US$2,866 per tonne. On a month-on-month calculation, the price edged 10.21 per cent or 265.50 tonnes higher than US$2,600.50 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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