Hindalco increases aluminium wire rod and billets prices by INR3500/t with effect from July 3
Hindalco Industries Limited further increased its aluminium wire rod and billets prices, although slower than the previous day, with effect from Saturday, July 3. Both aluminium wire rod and aluminium billets prices rose by INR 3,500 per tonne to come in at INR 230,350 per tonne and INR 226,350 per tonne, respectively. On the previous day, June 30, the prices stood at INR 226,850 per tonne and INR 222,850 per tonne, respectively.
Hindalco’s aluminium ingot price also saw an increase of INR 3,500 per tonne from INR 215,750 per tonne on June 30 to INR 219,250 per tonne on July 3.
Hindalco links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which on July 1 decreased to US$ 2,418 per tonne from US$ 2,523 per tonne on June 30 but increased the next day by US$ 38.50 per tonne to US$ 2,519.50 per tonne, as of July 2. On a month-on-month basis, the price is up by US$ 77.50 per tonne from 2,442 per tonne and on year by about US$ 918 per tonne from US$ 1,601.50 per tonne.
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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