Hindalco raises its aluminium products price by INR 1,500/t with effect from August 12
Hindalco Industries Ltd has increased its aluminium products price after cutting the price of the same product on August 11. With effect from Wednesday August 12, the company’s wire rods price stands at INR 161,600 per tonne, an increase of 0.94% or INR 1,500 per tonne from INR 160,100 per tonne.
The company is now selling its billets at INR 157,600 per tonne, marking a rise of INR 1,500 per tonne from INR 156,100 per tonne with effect from Wednesday August 11.
Hindalco aluminium ingots price has increased to stand at INR 150,500 per tonne, up INR 1,500 per tonne from INR 149,000 per tonne on August 11.
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 declined by 3% so far in 2020 due to slower global demand following the coronavirus outbreak but have come off their recent lows.
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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.
COVID-19 Impact: Novelis net income declines 85% Y-o-Y in Q1 FY21, attributing to lower sales and shipments
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