Hindalco’s aluminium wire rod price rebounds to INR296,600/t with effect from February 15

Hindalco’s aluminium products prices rebounded on Tuesday, February 15, in line with the LME aluminium benchmark price hike on the previous day. Hindalco Industries Limited increased its aluminium wire rod price by INR 9,500 per tonne from INR 287,100 per tonne on February 12 to INR 296,600 per tonne on February 15.

Hindalco’s aluminium billets price also saw a jump of INR 9,500 per tonne on February 15 to score at INR 299,600 per tonne. On February 12, the price stood at INR 290,100 per tonne, seeing a downfall of INR 7,750 per tonne.

The company also hiked its aluminium ingot price by INR 9,500 per tonne, with effect from February 15. Thus, the price has come in at INR 285,500 per tonne as against INR 276,000 per tonne on February 12.

Hindalco links its aluminium ingot and aluminium products prices to the three-month future of aluminium on the London Metal Exchange, which jumped over the weekend by US$106 per tonne to stand at US$3,306 per tonne. So, the price is now up by nearly US$328.50 per tonne on the month from US$2,977.50 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.