Hindalco raises its aluminium wire rod and billets prices by INR2750/t on the second consecutive day

Hindalco Industries Limited increased its aluminium products and aluminium ingot prices for two consecutive days last week. Following a hike of INR 3,250 per tonne on May 7, Hindalco’s aluminium wire rod price witnessed a rise of INR 2,750 per tonne or 1.24 per cent on May 8 to stand at INR 225,350 per tonne.

Hindalco’s aluminium billets price came in at INR 221,350 per tonne on May 8, which was also up by INR 2,750 per tonne from INR 218,600 per tonne on May 7. With effect from May 8, the company has been selling its aluminium ingot at INR 214,250 per tonne compared to INR 211,500 a day ago.

Hindalco links its aluminium products and aluminium ingot prices to the three-month futures of aluminium on the London Metal Exchange, which on Friday, May 7, further extended its growth to close the week at US$ 2,518.50 per tonne. On a month-on-month calculation, the three-month futures of aluminium on LME are up by US$ 279 per tonne or 12.46 per cent, while on year increased by US$ 1,068.50 per tonne or 73.69 per cent.

Aluminium operations of Hindalco, excluding those of its US arm Novelis Inc, generally account for nearly half of its total sales and 70% of its operating profit.