Hindalco Industries Limited has hiked its aluminium products and aluminium ingot prices as the LME aluminium benchmark price has rallied yet again to a 13-year high. With effect from February 25, the company has raised its aluminium wire rod price by INR 18,250 per tonne to INR 312,850 per tonne. On Thursday, February 24, the price came in at INR 294,600 per tonne after being cut by INR 8,750 per tonne.
Hindalco’s aluminium billets price has also witnessed a surge of INR 18,250 per tonne from INR 297,600 per tonne on February 24 to INR 315,850 per tonne on February 25. Hindalco’s aluminium ingot price is standing at INR 301,750 per tonne versus INR 283,500 per tonne on the previous day.
Hindalco links its aluminium ingot and aluminium products prices to the three-month future of aluminium on the London Metal Exchange, which jumped by US$195.50 per tonne on February 24 to stand at US$3,519 per tonne. Thus, on a month-on-month calculation, the price is up by US$474.50 per tonne from US$3,044.50 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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