Hindalco escalates its aluminium ingot price by INR4000/t with effect from April 9

Hindalco Industries Limited hiked its aluminium ingot and aluminium products prices on Saturday, April 9, following a sharp cut on the previous day. The major Indian aluminium player increased its aluminium ingot price by INR 4,000 per tonne to INR 293,750 per tonne, with effect from April 9. On the previous day, the price was slashed by INR 7,250 per tonne to INR 289,750 per tonne.

On April 9, Hindalco’s aluminium wire rod price also saw a rise of INR 4,000 per tonne from INR 300,850 per tonne to INR 304,850 per tonne. Aluminium billets price experienced no exception but also an increase of INR 4,000 per tonne on the same day. On April 9, Hindalco’s aluminium billets price stood at INR 307,850 per tonne versus INR 303,850 per tonne on April 8.

Hindalco links its aluminium ingot and aluminium products prices to the three-month future of aluminium on the London Metal Exchange. The company increased its aluminium prices in response to the growth of US$49 per tonne from US$3,346 per tonne to US$3,395 per tonne on April 8. On a month-on-month basis, the price stood US$436 per tonne lower than US$3,581 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.