Hindalco hikes its aluminium ingot and aluminium product prices by INR1250/t w.e.f August 20
Hindalco Industries Limited has increased the prices of its aluminium ingot and aluminium product by 1 per cent with effect from Thursday, August 20. With the latest hike, Hindalco’s aluminium ingot price has rebounded to INR 150,000 per tonne, up INR 1,250 per tonne or 1 per cent from INR 148,750 per tonne on August 15.
The price of Hindalco’s aluminium wire rods has also been raised by INR 1,250 per tonne to INR 161,100 per tonne versus INR 159,850 per tonne last week. The company’s aluminium billets price has now come in at INR 157,100 per tonne with the latest hike from INR 155,850 per tonne on August 12.
Like any other major Indian aluminium producers, Hindalco links its aluminium prices to the three-month futures of the metal on the London Metal Exchange. In the last one week, during August 13-19, the three-month aluminium futures price on LME trended up but range-bound between US$ 1738 per tonne and US$ 1746.50 per tonne. In the first three days, the three-month aluminium futures price on LME declined from US$ 1754 per tonne to US$ 1719.5 per tonne. The overall decline in the three-month futures price of aluminium on LME is now at 1.44 per cent so far this year.
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Aluminium operations of Hindalco, 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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