Hindalco Industries grows aluminium ingot price for the second consecutive day by INR1750/t on June 24

Hindalco Industries Limited increased its aluminium ingot and aluminium products prices back-to-back with effect from June 23 and June 24. Hindalco is at present selling its aluminium ingot at INR 205,500 per tonne with effect from June 24 after increasing it by INR 1,750 per tonne from the previous day. On June 23, Hindalco’s aluminium ingot price stood at INR 203,750 per tonne, up by INR 1,500 per tonne from INR 202,250 per tonne on June 22.

Hindalco’s wire rod price also grew by INR 1,750 per tonne to come in at INR 216,600 per tonne on June 24. On June 23, the price stood at INR 214,850 per tonne against INR 213,350 per tonne on the previous day.

The company’s aluminium billets price stood at INR 212,600 per tonne on June 24, also up by INR 1,750 per tonne. On June 23, the price was at INR 210,850 per tonne compared to INR 209,350 per tonne on June 22.

Hindalco links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which after June 22-24 rose by US$ 22 per tonne to stand at US$ 2,397.50 per tonne. On a month-on-month calculation, the price is up by US$ 92.50 per tonne from US$ 2,305 per tonne and on the year by US$ 833.50 per tonne from US$ 1,564 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.