Hindalco’s aluminium wire rod price grows by INR2500/t on March 10 after a massive cut on previous day

Hindalco Industries Limited has revised its aluminium products and aluminium ingot prices back-to-back for the third day in a row, in tandem with the LME aluminium price movement. With effect from Thursday, March 10, Hindalco has increased its aluminium wire rod price by INR 2,500 per tonne to INR 320,350 per tonne, following a massive cut of INR 40,500 per tonne on the previous day to INR 317,850 per tonne.

Hindalco’s aluminium billets price has also seen a raise of INR 2,500 per tonne on March 10 from INR 320,850 per tonne to INR 323,350 per tonne. Aluminium ingot price has come in at INR 309,250 per tonne, also up by INR 2,500 per tonne from INR 306,750 per tonne on March 9.

Hindalco links its aluminium ingot and aluminium products prices to the three-month future of aluminium on the London Metal Exchange, which grew on March 9 by US$31.50 per tonne to come in at US$3,532 per tonne. That brought the price 8.74 per cent or US$284 per tonne higher than US$3,248 per tonne on a month-on-month basis.

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.