India’s top three aluminium players – NALCO, Hindalco, and Vedanta have elevated their aluminium ingot and aluminium products this week in tandem with the LME aluminium benchmark price hike. NALCO this week, with effect from Tuesday, March 28, lifted its aluminium ingot price by INR 5,600 per tonne or 2.6 per cent to INR 221,450-224,950 per tonne versus INR 215,850- 219,350 per tonne on March 18.
NALCO’s aluminium wire rod and billets prices also experienced an increase of INR 5,600 per tonne from the previous prices, settling INR 225,950-230,300 per tonne and INR 225,900-228,550 per tonne, respectively.
Hindalco’s aluminium ingot price saw two consecutive hikes this week on March 28 and March 30 by INR 3,500 per tonne and INR 6,000 per tonne, respectively. With the two successive hike, Hindalco’s aluminium ingot price reached INR 232,350 per tonne on March 28 and INR 238,350 per tonne on March 30.
Hindalco’s aluminium products prices, like wire rods and billets, were no exception but also heightened by INR 3,500 per tonne and INR 600 per tonne on March 28 and March 30, respectively. On March 28, the company’s aluminium wire rod and billets prices stood at INR 229,350 per tonne and INR 232,350 per tonne, which on March 30 grew to INR 235,350 per tonne and INR 238,350 per tonne.
Vedanta’s aluminium prices so far saw two hikes and one drop this week. The company elevated its aluminium ingot price on March 28 and Mach 30 to INR 219,250-249,750 per tonne and INR 225,250-255,750 per tonne but reduced on March 31 to INR 223,250-253,750 per tonne. Nonetheless, on a weekly basis, the price stands 3 per cent higher than INR 215,750-246,250 per tonne.
Vedanta’s aluminium wire rod and billet prices also experienced an increase of INR 3,500 per tonne and INR 6,000 per tonne on March 28 and March 30 but saw a cut of INR 2,000 per tonne to INR 232,250 per tonne. Overall, the prices edged a 3 per cent hike on a week-on-week basis.
Indian aluminium companies link their aluminium prices to the three-month futures of aluminium on the London Metal Exchange, which climbed US$79 per tonne or 3.5 per cent through the week to stand at US$2,344 per tonne as of March 30.
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