Hindalco’s aluminium wire rod price grows by INR2750/t with effect from July 10

Hindalco Industries Limited increased its aluminium products and aluminium ingot prices on Saturday, July 10, a day soon after it sharply reduced the prices. The company grew its aluminium wire rod price by INR 2,750 per tonne to sell the product at INR 226,100 per tonne. On Friday, July 9, Hindalco’s aluminium wire rod price stood at INR 226,100 per tonne, declining by INR 7,000 per tonne or per cent from INR 230,350 per tonne.

With the latest cut, Hindalco’s aluminium billets price came in at INR 222,100 per tonne, also up by INR 2,750 per tonne from INR 219,350 per tonne on July 9.

The company is currently selling its aluminium ingot at INR 215,000 per tonne with effect from July 10 against INR 212,250 per tonne on July 9.

Hindalco links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which increased on July 9 by US$ 35 per tonne from US$ 2,435 per tonne to US$ 2,470 per tonne. On a month-on-month basis, the price is up by US$ 11 per tonne from US$ 2,459 per tonne and on a year by US$ 810.50 per tonne from US$ 1,659.50 per tonne.

Aluminium operations of Hindalco, excluding those of its US arm Novelis Inc, generally account for nearly half of its total sales and 70% of its operating profit.