Hindalco’s aluminium ingot price grows INR2500/t after five consecutive cuts in last two weeks

Hindalco Industries Limited has increased its aluminium ingot and aluminium products prices with effect from May 26 after five consecutive cuts in last two weeks. Hindalco is now selling its aluminium ingot at INR 197,500 per tonne as the price has been raised by INR 2,500 per tonne or 1.28 per cent from INR 195,000 per tonne on May 25.

Hindalco has also raised its aluminium products prices by INR 2,500 per tonne, bringing its aluminium wire rod price to INR 208,600 per tonne from INR 206,100 per tonne and aluminium billets price to INR 204,600 per tonne from INR 202,100 per tonne.

Hindalco links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which on May 25 increased by US$ 36 per tonne to come in at US$ 2,341 per tonne. So, the price is currently up by US$ 47 per tonne month-on-month from US$ 2,388 per tonne and on the year by US$ 855 per tonne from US$ 1,486 per tonne.

Aluminium operations of Hindalco, excluding those of its US arm Novelis Inc, generally account for nearly half of its total sales and 70% of its operating profit.