Hindalco Industries Limited has sharply increased its aluminium ingot and aluminium products prices with effect from Tuesday, September 14, in tandem with the LME aluminium price leap to a new high in 13 years at US$3,000 per tonne on September 13. Hindalco has raised its aluminium ingot price by INR 10,500 per tonne to INR 250,250 per tonne, in comparison with INR 239,750 per tonne on September 10.
Hindalco’s aluminium wire rod price has also built-up INR 10,500 per tonne on September 14 to come in at INR 261,350 per tonne. On Friday, September 10, the price was at INR 250,850 per tonne after increasing by 3,250 tonnes from the previous day.
The company is currently selling its aluminium billets at INR 257,350 per tonne versus INR 246,850 per tonne on September 10.
Hindalco Industries Limited links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which on September 13 touched the milestone of US$3,000 per tonne before closing the day at US$2,950 per tonne, up by US$53.50 per tonne from the previous day. On a month-on-month basis, the price is up by US$347.50 per tonne from 2,602.50 per tonne, and on a year-on-year calculation, it is higher by about US$1,201 per tonne than US$ 1,749 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.
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