Hindalco has hiked its aluminium ingot and aluminium product prices by INR 2,000 per tonne or 1.42 per cent with effect from Friday, July 24, following a cut last week on July 17. With the latest increase in price, Hindalco is selling its aluminium ingot at INR 143,250 per tonne, compared to INR 141,250 per tonnes on July 17.
Hindalco’s aluminium wire rod price has been increased to INR 154,350 per tonne from INR 152,350 per tonne, while the price of its aluminium billet has been raised to INR 150,350 per tonne from INR 148,350 per tonne.
Like any other major Indian aluminium producers, Hindalco links its aluminium prices to the three-month futures of the metal on the London Metal Exchange. In the last one week during July 20-23, the three-month aluminium futures price of aluminium on LME recorded back-to-back rises from US$ 1621 per tonne to US$ 1661 per tonne. So, the overall decline in the three-month futures price of aluminium on LME has come down to 6.26 per cent so far this year.
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.
Responses
