Hindalco Industries has raised the prices of its aluminium products for the third time in a row. With effect from June 9, Hindalco aluminium ingots price came in at INR 137,250 per tonne. This records an increase of 1.1% or INR 1,500 per tonne from INR 135,750 per tonne on June 6.
The company is now selling its wire rods and billets at INR 148,350 per tonne and INR 144,350 per tonne with effect from Tuesday, 09 June 2020. The prices registered an increase of 1% or INR 1,500 per tonne and 1.05% or INR 1,500 per tonne from June 6.
The Indian aluminium producers generally link prices of its products to the three-month futures of aluminium on London Metal Exchange. The three-month futures of aluminium are down nearly 14% so far in 2020 due to slower global demand following the coronavirus outbreak. Aluminium prices are expected to remain under pressure due to the Coronavirus pandemic.
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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