Hindalco raises its aluminium ingot price by INR 3,500/t after five cuts in a row
Hindalco Industries Ltd has increased the prices of its aluminium ingots, billets and wire rods after cutting them five times in a row. With effect from April 17, the price for Hindalco aluminium ingots now stands at INR 134,500 per tonne, an increase of 2.67% or INR 3,500 per tonne from INR 131,000 per tonne on March 27.
Hindalco is now selling its wire rods at INR 145,600 per tonne. The price has registered an increase of 2.82% or INR 4,000 per tonne from INR 141,600 per tonne. The price of billets has risen by 2.91% from March 27 to stand at INR 141,600 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.
LME aluminium closed Tuesday’s trading at 1443.5/t; SHFE aluminium fell 2%
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