Hindalco’s aluminium wire rod and billets prices see a rise of INR2000/t on March 3 after a cut by over 1.5% on March 2

Hindalco Industries Limited revised its aluminium ingot and aluminium products prices on two consecutive days – March 2 & March 3. On Tuesday, March 2, the company reduced its aluminium wire rod and aluminium billets prices by INR 3,500 per tonne or 1.8 per cent to INR 193,100 per tonne and INR 189,100 per tonne, respectively, from INR 196,600 per tonne and INR 192,600 per tonne on Friday, February 26.

However, on the next day, March 3, Hindalco’s aluminium wire rod and aluminium billets prices rebounded by INR 2,000 per tonne to settle at INR 195,100 per tonne and INR 191,100 per tonne, respectively.

Hindalco’s aluminium ingot price also saw a dip of INR 3,500 per tonne or 1.9 per cent on March 2 from INR 185,500 per tonne on February 26 to INR 182,000 per tonne. However, on March 3, it climbed by INR 2,000 per tonne to come in at INR 184,000 per tonne.

Hindalco generally links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which on Monday, March 1 decreased from US$ 2202.50 per tonne to US$ 2154.50 per tonne but rebounded the next day to US$ 2176 per tonne. On a year-on-year basis, the three-month futures of aluminium on LME are currently up by US$ 491.50 per tonne or 29.18 per cent.

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.