Hindalco Industries increases aluminium wire rod and billets prices by INR2250/t after an intermittent cut

Hindalco Industries Limited has again increased its aluminium products and aluminium ingot prices with effect from March 18 after an intermittent cut on March 17. The company’s aluminium wire rod price has been raised by INR 2,250 per tonne to INR 196,600 per tonne after being cut by INR 1,250 per tonne on March 17 from INR 195,600 per tonne to INR 194,350 per tonne.

With the latest hike, Hindalco is selling its aluminium billets price at INR 192,600 per tonne, also up by INR 2,250 per tonne from INR 190,350 per tonne on Wednesday, March 17.

Hindalco’s aluminium ingot price has come in at INR 185,500 per tonne with effect from March 18 compared to INR 183,250 per tonne on the previous day. This also reflects an increase of INR 2,250 per tonne or 1.23 per cent.

Hindalco generally links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which on March 17 increased from US$ 2174.50 per tonne to US$ 2202.50 per tonne but dipped on March 18 to US$ 2192 per tonne. Currently, over the month, the price is up by US$ 47 per tonne from US$ 2147 per tonne and on a year-on-year basis, it is higher by US$ 589.50 per tonne or 36.79 per cent.

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.