Hindalco’s aluminium ingot price builds-up INR3500/t after two back-to-back cuts

Hindalco Industries Limited has increased its aluminium ingot and aluminium product prices with effect from Saturday, August 7, in line with two consecutive hikes on August 5 & 6 from US$ 2,575.50 per tonne to US$ 2,618.50 per tonne. Hindalco’s aluminium ingot price has been raised by INR 3,500 per tonne to INR 225,500 per tonne, following two back-to-back cuts on August 4 and 5.

With effect from August 7, Hindalco’s aluminium wire rod price has also seen an increase of INR 3,500 per tonne to INR 236,600 per tonne. On August 5, Hindalco was selling its aluminium wire rod at INR 233,100 per tonne.

Hindalco’s aluminium billets price has come in at INR 232,600 per tonne compared to INR 229,100 per tonne on August 5.

Hindalco links its aluminium ingot and aluminium product prices to the three-month futures of aluminium on the London Metal Exchange. On a month-on-month calculation, the aluminium benchmark price on LME is up by US$ 89 per tonne from 2,529.50 per tonne, and on a year-on-year basis by US$ 896.50 per tonne from US$ 1,722 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.