Hindalco grows its aluminium ingot price by INR1500/t on August 24 in line with LME aluminium price uptrend

Hindalco Industries Limited has increased its aluminium ingot and aluminium products prices by INR 1,500 per tonne with effect from Tuesday, August 24. The company’s aluminium ingot price has come in at INR 225,000 per tonne compared to INR 223,500 per tonne on August 19.

Hindalco is selling its aluminium wire rod at INR 236,100 per tonne in comparison with the last selling price of INR 234,600 per tonne. Aluminium billets price is standing at INR 232,100 per tonne, also up by INR 1,500 per tonne or 0.65 per cent from INR 230,600 per tonne.

Hindalco links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which after August 19 grew US$ 65 per tonne to stand at INR 2,609 per tonne as of August 23. On a month-on-month calculation, the price is up by US$ 117 per tonne from 2,492 per tonne, and on a year-on-year basis by US$ 873.50 per tonne from US$ 1,735.50 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.