Hindalco Industries Limited has finally raised its aluminium ingot and aluminium products prices, with effect from Thursday, May 12, after more than two weeks of back-to-back cuts for the LME aluminium price fall. Now, the company is selling its aluminium billets price at INR 258,600 per tonne versus INR 253,850 per tonne on May 11. That’s an increase of INR 4,750 per tonne or 1.87 per cent in a day.
Hindalco’s aluminium wire rod price also saw a growth of INR 4,750 per tonne on May 12 from INR 250,850 to INR 255,600 per tonne. Aluminium ingot price was no exception but witnessed a rise of the same amount to reach INR 244,500 per tonne. On Wednesday, May 11, Hindalco’s aluminium ingot price stood at INR 239,750 per tonne.
As Hindalco links its aluminium prices to the three-month futures of aluminium on the London Metals Exchange, it grew its ingot and aluminium products prices on May 12 in response to an intermittent LME price rise from US$2,677 per tonne to US$2,737 per tonne on May 11.
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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