Hindalco’s aluminium ingot price further rose to INR165,500/t on Nov 14 in line with incessant LME aluminium price hike
Hindalco Industries Limited has further increased the prices of its aluminium ingot and aluminium products, with effect from Saturday November 14. This marks the fifth consecutive time since October 31, 2020, that Hindalco has been increasing its aluminium prices. On November 14, the company expanded its aluminium ingot price by INR 1,750 per tonne to sell the product at INR 165,500 per tonne.
The company’s aluminium wire rod has also been increased by INR 1,750 per tonne from INR 174,850 per tonne to INR 176,600 per tonne, as of November 14.
With this latest hike, the price of Hindalco’s aluminium billets has come in at INR 172,600 per tonne compared with INR 170,850 pert tonnes on November 13.
Hindalco links the prices of its aluminium ingot and aluminium products to the three-month futures of aluminium on the London Metal Exchange, which during the last week (November 9 to13) trended up by US$ 20 per tonne or 1.05 per cent to stand at US$ 1933 per tonne. LME aluminium three-month futures price is thus currently up by US$ 161 per tonne or 9.09 per cent since the beginning of 2020.
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Aluminium operations of Hindalco Industries Limited, 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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