Hindalco hikes aluminium ingot price after two cuts in a row

Hindalco Industries Ltd has increased the price of its aluminium ingot after cutting them two times in a row. With effect from March 12, the price for Hindalco aluminium ingot now stands at INR 141,500 per tonne, an increase of 1.25% from INR 139,750 per tonne on March 10.

The prices of wire rods and billets have risen by 1.16% and 1.2% from March 10. The prices of these products stand at INR 152,100 per tonne and INR 148,100 per tonne on March 12, from INR 150,350 per tonne and INR 146,350 per tonne.

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 due to slower demand in China following the coronavirus outbreak.

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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