Hindalco hikes its aluminium products prices after two back-to-back cuts; aluminium wire rod price sees a raise of INR8750/t

Hindalco Industries Limited has expanded its aluminium products and aluminium ingot prices, with effect from April 20, following two back-to-back cuts on April 13 and 14. As per the revised price list revealed by Hindalco, the company’s aluminium wire rod price has come in at INR 299,850 per tonne as of April 20, up by INR 8,750 per tonne or 3 per cent from INR 291,100 per tonne.

Hindalco’s aluminium billets price has also experienced a hike of INR 8,750 per tonne from INR 294,100 per tonne on April 12 to INR 302,850 per tonne on April 20.

The latest raise has brought Hindalco’s aluminium ingot price at INR 288,750 per tonne versus INR 280,000 per tonne a week ago.

Hindalco links its aluminium ingot and aluminium products prices to the three-month future of aluminium on the London Metal Exchange. The company has increased its aluminium prices in line with the hike in LME aluminium price by US$105 per tonne over a week to US$3,312 per tonne on April 19. However, on a month-on-month calculation, the LME aluminium benchmark price is down by 2.03 per cent or US$68.50 per tonne from US$3,380.50 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.