Hindalco expands its aluminium ingot price for the third consecutive time by INR2250/t with effect from April 30

Hindalco Industries Limited has further expanded its aluminium ingot and aluminium products prices for the third time in a row. The last hike was a week ago, on April 23, by INR 2,750 per tonne. This week the prices have witnessed a hike of INR 2,250 per tonne with effect from Friday, April 30. Therefore, Hindalco’s aluminium ingot price is standing at INR 208,250 per tonne compared to INR 206,000 per tonne on April 23.

Hindalco’s aluminium wire rod price has come in at INR 219,350 per tonne, also up by INR 2,250 per tonne from INR 217,100 per tonne last week. The company is now selling its aluminium billets at INR 215,350 per tonne compared to INR 213,100 per tonne on last Friday.

Hindalco links its aluminium products and aluminium ingot prices to the three-month futures of aluminium on the London Metal Exchange, which after April 23 climbed by US$ 58.50 per tonne to soar above US$ 2,400 per tonne. As of Thursday, April 29, the three-month futures of aluminium on LME stood at US$ 2,432 per tonne, registering a year-on-year increase of US$ 971.50 per tonne or 66.52 per cent from US$ 1460.50 per tonne.

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.

source https://www.alcircle.com/news/hindalco-expands-its-aluminium-ingot-price-for-the-third-consecutive-time-by-inr2250-t-with-effect-from-april-30-65140