Hindalco Industries continues to increase aluminium ingot price to INR229,750/t w.e.f. August 28

Hindalco Industries Limited continued to increase aluminium ingot and aluminium products prices with effect from Saturday, August 28. Hindalco raised its aluminium ingot price by INR 2,000 per tonne from INR 227,750 per tonne on August 25 to INR 229,750 per tonne on August 28.

Hindalco’s aluminium wire rod price also saw an increase of INR 2,000 per tonne to reach 240,850 per tonne as of August 28. On the previous day, the price stood at INR 238,850 per tonne by gaining INR 2,750 per tonne or 1.16 per cent.

Since Saturday, August 28, Hindalco is selling its aluminium billets at INR 236,850 per tonne compared to INR 234,850 per tonne on August 25.

Hindalco links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which during August 25-27 grew by US$ 26 per tonne to stand at US$ 2,673.50 per tonne. On a month-on-month calculation, the price is up by around US$ 176 per tonne from 2,497.50 per tonne, and on a year-on-year basis by US$ 935.50 per tonne from US$ 1,738 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.