Hindalco lifts its aluminium billets price by 2.4% on Nov. 2 as LME price inaugurates the month with a hike

Hindalco Industries Limited has lifted its aluminium products and aluminium ingot prices on Wednesday, November 2, after reducing them the previous day by INR 2,500 per tonne. Hindalco’s aluminium wire rod price has been elevated by INR 5,250 per tonne or 2.40 per cent to INR 224,350 per tonne versus INR 219,100 per tonne on November 1.

The company’s aluminium billets price has also seen a hike of INR 5,250 per tonne, with effect from November 2, to peg at INR 227,350 per tonne. On November 1, the price stood at INR 222,100 per tonne, down by 1.11 per cent from 224,600 per tonne. Aluminium ingot price is no exception but undergone an increase of INR 5,250 per tonne on November 2 to stand at INR 213,250 per tonne, following a cut on the previous day from INR 210,500 per tonne to INR 208,000 per tonne.

Hindalco Industries Limited links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange. The LME aluminium benchmark price inaugurated the month of November with a hike of US$48.50 per tonne to US$2,245.50 per tonne, following a decline on the previous day by US$29 per tonne to US$2,197 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.