Hindalco hikes its aluminium billets price by INR3250/t w.e.f. December 17 after two back-to-back cuts
After the two consecutive days of decline, Hindalco Industries’ aluminium products and its aluminium ingot prices have seen a hike with effect from Friday, December 17. The company’s aluminium billets price has witnessed an increase of INR 3,250 per tonne to INR 248,850 per tonne. On the previous two days, the price was cut back-to-back by INR 2,750 per tonne.
Hindalco’s aluminium wire rod price sees no exception but a raise of INR 3,250 per tonne from INR 242,600 per tonne on December 16 to INR 245,850 per tonne on December 17.
The company has increased its aluminium ingot price also by INR 3,250 per tonne to INR 234,750 per tonne, with effect from December 17.
Hindalco links its aluminium ingot and aluminium products prices to the three-month future of aluminium on the London Metal Exchange, which rebounded to US$2,630 per tonne on December 16. Thus, the price is up, although marginally, month-on-month by US$1.5 per tonne from US$2,628.50 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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