Hindalco Industries Ltd. expands its aluminium billets & wire rod prices by INR13750/t with effect from March 3
Hindalco Industries Limited’s aluminium products and aluminium ingot prices have witnessed a surge yet again in line with the LME aluminium benchmark price rally as investors’ fear has heightened concerning tight metal shipments and logistic costs due to several sanctions on major producer Russia. With effect from March 3, 2022, Hindalco has hiked its aluminium billets price by INR 13,750 per tonne or 4.42 per cent to INR 324,850 per tonne from INR 311,100 per tonne on March 1.
The recent raise has brought the company’s aluminium wire rod price to INR 321,850 per tonne, also up by INR 13,750 per tonne from INR 308,100 per tonne. Hindalco’s aluminium ingot price has come in at INR 310,750 per tonne, with effect from March 3, versus INR 297,000 per tonne on the previous day.
Hindalco links its aluminium ingot and aluminium products prices to the three-month future of aluminium on the London Metal Exchange, which spurted to a fresh high at US$3,605 per tonne on Wednesday, March 2. Thus, on a month-on-month calculation, the price is up by US$546.50 per tonne from US$3,058.50 per tonne.
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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