Hindalco Ltd has raised prices of its aluminium ingots by 1.79% from Friday. With effect from March 14, the price for Hindalco aluminium ingots now stands at INR 142,500 per tonne, from INR 140,000 per tonne on March 13. The company has hiked aluminium ingot price after cutting the price of the same product by 1.06% earlier in the week.
The prices of wire rods and billets have climbed by 1.66% and 1.71% from March 13 to stand at INR 153,100 per tonne and INR 149,100 per tonne on Saturday, 14 March 2020. The prices of these products were INR 150,600 per tonne and INR 146,600 per tonne on March 13.
The Indian aluminium producers generally link prices of its products to the three-month futures of aluminium on London Metal Exchange. The three-month futures of aluminium are down nearly 9% in the current quarter due to slower demand in China following the coronavirus outbreak.
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.
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