Hindalco and Nalco hike aluminium ingot prices by 1%

Two major Indian producers Hindalco and Nalco have raised aluminium prices in the domestic market following the rise in global aluminium price on London Metal Exchange.

After cutting prices of aluminium products three times in a row, Hindalco Industries Ltd has increased the prices of its aluminium ingots, wire rods, and billets by more than 1% with effect from November 28. The price for Hindalco aluminium now stands at INR 144,000-154,600 per tonne.

The Indian producers generally link prices of its products to the three-month futures of aluminium on London Metal Exchange. So far this quarter, the three-month futures of aluminium are up nearly 4% on the London Metal Exchange.

Shares of Hindalco Industries closed at INR 204.10 on the National Stock Exchange.

Similarly, National Aluminium Co Ltd has increased aluminium ingots prices by nearly 1% with effect from Tuesday November 26. The price for Nalco’s products now stands at INR 148,950-152,450 per tonne. 

Shares of NALCO increased to close at INR 45.35 on the National Stock Exchange.

source https://www.alcircle.com/news/hindalco-and-nalco-hike-aluminium-ingot-prices-by-1-49506