Hindalco’s aluminium ingot price sees a sharp rise of INR7000/t with effect from April 16
Hindalco’s aluminium ingot and aluminium products prices have witnessed a steep growth after a week of last raise in tandem with incessant increase in LME aluminium benchmark prices. With effect from Friday, April 16, the company’s aluminium ingot price has come in at 202,500 per tonne, reflecting a hike of INR 7,000 per tonne or 3.58 per cent from INR 195,500 per tonne on April 8.
Hindalco is selling its aluminium wire rod price at INR 213,600 per tonne with effect from April 16 after raising it by INR 7,000 per tonne from INR 206,600 per tonne. Hindalco’s aluminium billets price is hovering at INR 209,600 per tonne, also up by INR 7,000 per tonne from INR 202,600 per tonne.
Hindalco links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which in the last four days (April 12-15) increased by US$ 78 per tonne. As of April 15, the LME aluminium price soared above US$ 2,300 per tonne to stand at US$ 2,328 per tonne. On a year-on-year calculation, the price is up by US$ 858.50 per tonne or 58.42 per cent.
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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Next articleLME aluminium price skyrocketed to US$2308.50/t this week; SHFE price edged US$138/t higher to reach US$2789/t
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