Hindalco Industries Ltd has raised prices of its aluminium ingots, billets and wire rods after cutting the prices of the same products by 4%.With effect from May 20, the price for Hindalco aluminium ingots now stands at INR 131,500 per tonne, an increase of 1.54% or INR 2,000 per tonne from INR 129,500 per tonne on May 16.
Hindalco is now selling its wire rods at INR 142, 600 per tonne, a 1.42% rise or INR 2,000 per tonne from INR 140,600 per tonne. The price of billets has increased by 1.46% from May 16 to stand at INR 138,600 per tonne.
The Indian aluminium producers generally link prices of its products to the three-month futures of aluminium on London Metal Exchange. The three-month futures of aluminium are down more than 19% so far in 2020 due to slower global demand following the coronavirus outbreak. Aluminium prices are expected to remain under pressure due to the Coronavirus pandemic.
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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