Hindalco’s aluminium ingot price escalates by INR5000/t after witnessing continuous cuts since June 11

After witnessing continuous cuts since June 11, Hindalco Industries Limited’s aluminium ingot and aluminium product prices trended up by INR 5,000 per tonne or 2.23 per cent, as of June 22. That brought the company’s aluminium ingot price to INR 228,500 per tonne, from INR 223,500 per tonne on June 21. As per the data revealed by the company, Hindalco’s aluminium ingot price underwent a slash of INR 1,250 per tonne on June 21 from INR 224,750 per tonne on June 18.

Hindalco Industries also increased its aluminium wire rod price by INR 5,000 per tonne or 2.13 per cent on June 22 to settle at INR 239,600 per tonne. On June 21, the company was selling its aluminium wire rod at INR 234,600 per tonne, down by INR 1,250 per tonne from June 18.

The latest increase in Hindalco’s aluminium prices has brought the company’s aluminium billets price to INR 242,600 per tonne, compared to INR 237,600 per tonne on June 18.

As of June 22, Hindalco has hiked its aluminium ingot and aluminium product prices in response to the LME aluminium price, which has soared up by US$45.5 per tonne from June 20 to June 21 to settle at US$2,519.5 per tonne.

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.