Hindalco’s aluminium wire rod & billets prices further grow by 1% w.e.f. March 23

Hindalco Industries Limited has continued to expand its aluminium products and aluminium ingot prices, albeit lower than the previous day, with effect from Wednesday, March 23. The company has grown its aluminium wire rod price by INR 3,500 per tonne to INR 319,850 per tonne from INR 316,350 per tonne on March 22. Hindalco’s aluminium wire rod price on Tuesday saw a surge of INR 20,000 per tonne from INR 296,350 per tonne on March 18.

Hindalco’s aluminium billets price has also seen an increase of INR 3,500 per tonne on March 23 to stand at INR 322,850 per tonne. On Tuesday, March 22, the price stood at INR 319,350 per tonne, soaring by INR 20,000 per tonne from INR 299,350 per tonne.

With the latest rise, aluminium ingot price has come in at INR 308,750 per tonne versus INR 305,250 per tonne on March 22.

Hindalco links its aluminium ingot and aluminium products prices to the three-month future of aluminium on the London Metal Exchange, which continued to grow on March 22nd by US$32.50 per tonne to settle at US$3,550.50 per tonne. Thus, on a month-on-month calculation, the price stood higher by US$130.50 per tonne than US$3,420 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.