Vedanta extends aluminium product price cut by INR1500/t with effect from December 30

Vedanta Limited has extended the price cut of its aluminium products and aluminium ingot with effect from Wednesday, December 30. Marking the second consecutive decline, Vedanta’s aluminium wire rod price has come in at RMB 173,750-181,250 per tonne on December 30, down by INR 1500 per tonne from INR 175,250-182,750 per tonne on December 22.

Vedanta’s aluminium billet price is standing at INR 174,250 per tonne, shrinking by INR 1500 per tonne as well from INR 175,750 per tonne on the previous day.

With the latest cut, Vedanta is now selling its aluminium ingot at INR 166,250-179,250 per tonne, compared to INR 167,750-180,750 per tonne a week ago. This also represents a downfall of INR 1500 per tonne.

Vedanta links its aluminium product and aluminium ingot prices to the three-month futures of aluminium on the London Metal Exchange, which after December 22 hiked to US$ 2022 per tonne, as of December 24, from US$ 1993 per tonne. However, on December 29, the three-month futures of aluminium opened with a decline to US$ 2000 per tonne after the Christmas holiday. Currently, the LME aluminium three-month futures price is up by US$ 228 per tonne or 12.87 per cent since the beginning of 2020.

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.

source https://www.alcircle.com/news/vedanta-extends-aluminium-product-price-cut-by-inr1500-t-with-effect-from-december-30-62107