Hindalco raises its aluminium ingots price by 1.82% with effect from Tuesday
Hindalco Industries Ltd has hiked the prices of aluminium ingots by 1.82% on Tuesday, after cutting it by 1.26% on Friday. With effect from March 3, the aluminium ingot price stands at INR 139,750 per tonne, from INR 137,250 per tonne on February 28.
The prices of wire rods and billets have climbed by 1.69% and 1.74% from February 28. The prices of these products now stand at INR 150,350 per tonne and INR 146,350 per tonne, from INR 147,850 per tonne and INR 143,850 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 nearly 7% in the current quarter due to slower demand in China following the coronavirus outbreak.
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.
Three-month LME aluminium closed 0.88% higher; SHFE aluminium closed at RMB13,255/t
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