Hindalco’s aluminium wire rod and billets prices escalate by INR2750/t after back-to-back cuts
Hindalco Industries Limited has revised its aluminium products and aluminium ingot prices this week, which, as per the data, has been ascended after back-to-back cuts on May 25 and May 26. With effect from May 31, Hindalco has increased its aluminium wire rod price by INR 2,750 per tonne to INR 266,850 per tonne, following a drop of INR 4,750 per tonne to INR 264,100 tonne on May 26.
Hindalco’s aluminium billets price has also been escalated by INR 2,750 per tonne on May 31 to INR 269,850 per tonne after being reduced by INR 4,750 per tonne to INR 267,100 per tonne on May 26. Aluminium ingot price has also witnessed a hike of INR 2,750 per tonne on May 31 to score at INR 255,750 per tonne, as against INR 253,000 per tonne on the previous day.
As of May 31, Hindalco has increased its aluminium ingot and product prices in response to the LME aluminium price, which recorded a growth of US$37.50 per tonne over the past four days to close at 2,863 per tonne on May 30.
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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