Hindalco hikes its aluminium prices by INR3500/t w.e.f October 17 after a cut on the previous day

Hindalco Industries Limited has increased its aluminium ingot and aluminium product prices with effect from Saturday, October 17, following a cut on October 16. The price of Hindalco’s aluminium ingot has been raised by INR 3,500 per tonne on October 17 after being reduced by INR 1,500 per tonne on October 16. Hence, the price is now standing at INR 157,500 per tonne versus INR 154,000 per tonne on October 16.

Hindalco’s aluminium wire rod price has come in at INR 168,600 per tonne with effect from October 17, also up by INR 3,500 per tonne from INR 165,100 per tonne on October 16. The price of aluminium billets is at INR 164,600 per tonne compared with INR 161,100 per tonne on Friday.

Like any other Indian aluminium producers, Hindalco links the prices of its products to the three-month futures of aluminium on the London Metal Exchange, which dropped on October 14 and 15 from US$ 1841 per tonne to US$ 1824 per tonne but rose on October 16 to US$ 1865.50 per tonne. So far, the aluminium price on LME has increased by 5 per cent over the year.

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.