Hindalco hikes aluminium ingot price for the fourth time in a row

Hindalco Industries Ltd’s aluminium products price continued to trend higher. This marked the fourth consecutive hike in the price of the same products. With effect from June 11, Hindalco aluminium ingots price now stands at INR 140,750 per tonne, marking an increase of 2.55% or INR 3,500 per tonne from INR 137,250 per tonne on June 9.

The company is now selling its wire rods and billets at INR 151,850 per tonne and INR 147,850 per tonne with effect from Thursday, 11 June 2020. The prices of the products are up by 2.36% or INR 3,500 per tonne and 2.42% or INR 3,500 per tonne from June 9.

The Indian aluminium producers generally link prices of its products to the three-month futures of aluminium on London Metal Exchange. The three-month futures of aluminium are down more than 10% so far in 2020 due to slower global demand following the coronavirus outbreak. Aluminium prices are expected to remain under pressure due to the Coronavirus 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.