Hindalco’s aluminium ingot price soars by over INR5000/t to peg at INR173,000/t w.e.f. December 2

Hindalco Industries Limited has significantly increased the prices of its aluminium ingot and aluminium product with effect from Wednesday, December 2, in line with rallied global aluminium benchmark price on the London Metal Exchange. Hindalco is now selling its aluminium ingot at INR 5,500 per tonne higher to 173,000 tonnes, following a cut by INR 2,000 per tonne to INR 167,500 per tonne last week on November 25.

With the latest hike, Hindalco’s aluminium wire rod price has come in at INR 184,100 per tonne, also up by INR 5,500 per tonne or 3.08 per cent from INR 178,600 per tonne on November 25. The company’s aluminium billets price has also been raised by the same amount to INR 180,100 per tonne with effect from December 2.

Hindalco links its aluminium ingot and aluminium product prices to the three-month futures of aluminium on the London Metal Exchange, which after November 25, increased by US$ 90 per tonne from US$ 1961.50 per tonne on November 26 to US$ 2051.50 per tonne on December 2. Currently, LME aluminium three-month futures price is up by US$ 273.50 per tonne or 15.77 per cent since the beginning of 2020.

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.