
Hindalco Industries Ltd has increased prices of its primary aluminium ingots today after it cut the prices of its primary aluminium ingot by more than 1% effective from Saturday, December 15.
This price cut on Saturday came after the company had raised rates of its products by 2% earlier in the month. After the price cut on Saturday, December 15, the price for Vedanta aluminium ingot stood at INR 153,650 (USD 2215) per tonne. Today, Hindalco increased the price of primary ingots to INR 155,750 per tonne, registering an increase of 1.3 %.
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LME cash and three months prices have registered an increase today after the dollars plunged from an 18-month high, ahead of the Federal Reserve's policy meeting this week. LME aluminium three-months offer price stands at US$ 1925 per tonne today and settlement price stands at US$ 1937.50 per tonne, about 0.2 % and 1.5% up respectively from last closing. Hindalco’s price hike was in response to the rise in international prices.
Aluminium operations, excluding those of subsidiary Novelis Inc, accounted for nearly half of Hindalco’s sales and 70% of its operating profit for 2017-18 (Apr-Mar).
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