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22 APRIL 2020 AL CIRCLE

Hindalco raises its aluminium ingot price by INR 3,500/t after five cuts in a row

EDITED BY : HEENA IQBAL 1MINS READ

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.

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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.

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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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EDITED BY : HEENA IQBAL 1MINS READ

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