Hindalco increases its aluminium ingot price to nearly INR170,000/t in line with LME aluminium price surge
Hindalco Industries Limited expanded its aluminium ingot and aluminium products prices for the second time in a row, with effect from Tuesday, January 26. Hindalco’s aluminium ingot price is currently standing at INR 169,750 per tonne, up by INR 2,250 per tonne from INR 167,500 per tonne on January 21.
Hindalco’s aluminium wire rod price has also been raised by INR 2,250 per tonne from INR 178,600 per tonne on January 21 to INR 180,850 per tonne on January 26. The company’s aluminium billets price has come in at INR 176,850 per tonne compared with INR 174,600 per tonne about a week ago.
Hindalco Industries Limited links the prices of its aluminium ingot and aluminium products to the three-month futures of aluminium on the London Metal Exchange, which after January 21 climbed to US$ 2025 per tonne, as of January 26. Thus, the year-on-year hike in the three-month futures of aluminium on LME has expanded to US$ 269.50 per tonne from US$ 182 per tonne last week.
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.
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