Hindalco hiked aluminium ingots price by more than 2% with effect from January 7

Hindalco Industries Ltd has increased the prices of aluminium ingots, billets, and wire rods by more than 2%, after cutting them by more than 1% in the previous week. With effect from January 7, the aluminium ingot price now stands at INR 147,250 per tonne, up an increase of 2.43% from INR 143,750 per tonne on January 4.

The company has raised the prices of wire rods and billets by 2.27% and 2.33% from January 4. The prices for Hindalco products now stand at INR 157,850 per tonne and INR 153,850 per tonne, from INR 154,350 per tonne and INR 150,350 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 up nearly 6% in the December quarter and Hindalco hiked prices of its products by 4% in the same period.

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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