Vedanta increases its aluminium ingot and product prices by INR1500/t after two consecutive declines

Vedanta Limited has increased its aluminium ingot and aluminium product prices with effect from Tuesday, September 29, following two consecutive declines on September 18 and 24. Vedanta is now selling its aluminium ingot at INR 145,750-158,750 per tonne, up by INR 1,500 per tonne or 1 per cent from INR 144,250-157,250 per tonne on September 24.

With the latest hike, Vedanta’s aluminium wire rod price has come in at INR 153,250-160,750 per tonne, higher by INR 1,500 per tonne or 1 per cent than INR 151,750-159,250 per tonne. The company’s billet price is hovering at INR 153,750 per tonne, also up by INR 1,500 per tonne from INR 152,250 per tonne.

Vedanta has increased its aluminium ingot and aluminium product prices in line with the rallied aluminium price on the London Metal Exchange. Global aluminium benchmark price on the LME has increased from US$ 1697 per tonne to US$ 1737 per tonne since September 18. Like any other Indian aluminium producers, Vedanta links its aluminium product prices to the three-month futures of aluminium on London Metal Exchange.

Vedanta’s aluminium business typically accounts for one-third of the company’s consolidated sales. Vedanta has a stake in Bharat Aluminium Co Ltd and smelters at Jharsuguda in Odisha. It commands a 40% share in India's primary aluminium market.

 

Note to readers: AlCircle brings two-day event for aluminium industry players. We look forward to meeting you virtually at “Global Aluminium Expo 2020”on October 6-7, 2020. For registration, visit www.alcircleevents.com

source https://www.alcircle.com/news/vedanta-increases-its-aluminium-ingot-and-product-prices-by-inr1500-t-after-two-consecutive-declines-59191