Hindalco’s aluminium wire rod & billet prices surge by INR12500/t or 4.5% in line with LME aluminium price hike to a four-month high
Hindalco Industries Limited has dramatically increased its aluminium products and aluminium ingot prices in line with the LME aluminium price growth to a four-month high. With effect from Wednesday, February 9, Hindalco’s aluminium wire rod price has hiked by INR 12,500 per tonne or 4.53 per cent to stand at INR 288,350 per tonne. Last week on February 5, Hindalco’s aluminium wire rod price stood at INR 275,850 per tonne, seeing a rise of INR 2,000 per tonne.
On February 9, Hindalco’s aluminium billet price has witnessed a surge of INR 12,500 per tonne as well, from INR 278,850 per tonne to INR 291,350 per tonne. The company's luminium ingot price is currently standing at INR 277,250 per tonne, also up by INR 12,500 per tonne from INR 264,750 per tonne.
Hindalco links its aluminium ingot and aluminium products prices to the three-month future of aluminium on the London Metal Exchange, which from February 4 to February 8 soared by US$158 per tonne to reach US$3,245 per tonne, a four-month high. On a month-on-month calculation, the price is up by about US$325.50 per tonne or 11.15 per cent from US$2,919.50 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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