Hindalco hikes its aluminium wire rod price by 1% on March 25 after a sharp cut of INR4250/t on March 24

Hindalco Industries Limited increased its aluminium products and aluminium ingot prices on Thursday, March 25, following a sharp cut on March 24. Hindalco’s aluminium wire rod price witnessed a slash of INR 4,250 per tonne on March 24 from INR 200,350 per tonne to INR 196,100 per tonne. However, on March 25, the price increased by INR 2,250 per tonne or 1.22 per cent to come in at INR 198,350 per tonne.

Hindalco’s aluminium billet price also edged INR 4,250 per tonne lower on March 24 to stand at INR 192,100 per tonne versus INR 196,350 per tonne on March 23. On March 25, the price gained INR 2,250 per tonne to settle at INR 194,350 per tonne.

With effect from March 25, Hindalco’s aluminium ingot price stood at INR 187,250 per tonne, climbing by INR 2,250 per tonne as well from the previous day. On March 24, Hindalco sold its aluminium ingot at INR 185,000 per tonne compared to INR 189,250 per tonne on March 23.

Hindalco generally links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which on March 24 increased from US$ 2205 per tonne to US$ 2220.50 but decreased on March 25 to US$ 2208 per tonne. Currently, on a year-on-year basis, the price is higher by US$ 700.50 per tonne or 46.47 per cent from US$ 1507.50 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.