Hindalco Industries hikes its aluminium wire rod and billets prices by 2% in line with LME aluminium price rally

Hindalco Industries Limited continued to increase its aluminium products and aluminium ingot prices in line with LME aluminium benchmark price rally as an outcome of interrupted raw material supply due to military coup in Guinea. With effect from Tuesday, September 7, Hindalco’s aluminium wire rod price stood at INR 243,350 per tonne, up by INR 4,500 per tonne or 1.88 per cent from INR 238,850 per tonne on September 3.

Hindalco’s aluminium billets price also saw a hike of INR 4,500 per tonne or 1.92 per cent to settle at INR 239,350 per tonne from INR 234,850 per tonne in the previous week.

The company has also raised its aluminium ingot price by the same amount and selling it at INR 232,250 per tonne since September 7.

Hindalco Industries Limited links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which over the 3-day time surged by US$49.50 per tonne to come in at US$2745.50 per tonne as of September 6 . On a month-on-month basis, the price stood up by US$127 per tonne from 2,618.50 per tonne, and on a year-on-year calculation, it was higher by about US$982.50 per tonne than US$ 1,763 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.