Hindalco raises aluminium ingot price by INR1500/t w.e.f. February 5 after two consecutive cuts

Hindalco Industries Limited has raised its aluminium ingot and aluminium products prices with effect from Friday, February 5, after reducing them for the past two consecutive times. The company has revealed that it is now selling its aluminium ingot at INR 167,250 per tonne compared to INR 165,750 per tonne as of February 3. This registers an increase of INR 1,500 per tonne in Hindalco’s aluminium ingot price on February 5.

With the latest price change, Hindalco’s aluminium wire rod price has also rebounded by INR 1,500 per tonne from INR 176,850 per tonne on February 3 to INR 178,350 per tonne on February 5. Aluminium billets price has come in at INR 174,350 per tonne, up by INR 1,500 per tonne as well from INR 172,850 per tonne.

Hindalco Industries Limited links the prices of its aluminium ingot and aluminium products to the three-month futures of aluminium on the London Metal Exchange, which after February 3 increased to reach at US$ 1979.50 per tonne. However, on a year-on-year basis, the three-month futures of aluminium on LME are currently up by US$ 292.50 per tonne or 17.34 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.