Hindalco Industries Ltd has raised prices of its aluminium ingots, billets and wire rods by more than 1%. This marked the third consecutive hike in price of the same products. With effect from May 30, the price for Hindalco aluminium ingots now stands at INR 135,750 per tonne, an increase of 1.5% or INR 2,000 per tonne from INR 133,750 per tonne on May 22.
The company is now selling its wire rods and billets at INR 146,850 per tonne and INR 142,850 per tonne with effect from Saturday, 30 May 2020, up 1.38% or INR 2,000 per tonne and 1.42% or INR 2,000 per tonne from May 22.
The Indian aluminium producers generally link prices of its products to the three-month futures of aluminium on London Metal Exchange. The three-month futures of aluminium are down more than 17% so far in 2020 due to slower global demand following the coronavirus outbreak. Aluminium prices are expected to remain under pressure due to the Coronavirus pandemic.
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.
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