Hindalco’s aluminium ingot price sees a rise of INR2250/t on December 2 in line with LME aluminium price hike

Hindalco Industries Limited grew its aluminium ingot and aluminium products prices on December 2, a day after it reduced the prices by INR 1,250 per tonne. With effect from December 2, the company’s aluminium ingot price saw an increase of INR 2,250 per tonne to INR 234,000 per tonne, backed on the rise in the LME aluminium benchmark price on December 1.

Like any other Indian aluminium producer, Hindalco inks its aluminium ingot and aluminium products prices to the three-month future of aluminium on the London Metal Exchange, which on December 1 rose by US$34.50 per tonne from US$2,635 per tonne to US$2,669.50 per tonne. However, on a month-on-month calculation, the price still stood less by US$43.50 per tonne from US$2,713 per tonne.

Hindalco’s aluminium wire rod price also saw a hike of INR 2,250 per tonne on December 2 from INR 242,850 per tonne on December 1 to INR 245,100 per tonne on December 2. But aluminium billets price, on the other hand, experienced a surge of INR 5,750 per tonne from INR 242,350 per tonne to INR 248,100 per tonne, as of December 2.

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.