Vedanta sharply cuts its aluminium products prices by INR4,500/t after three consecutive hikes

Vedanta Limited has decreased its aluminium ingot and aluminium products prices with effect from Friday, January 8, following the three consecutive days of hike. The company’s aluminium ingot price is now hovering at INR 169,750-182,750 per tonne, down by INR 4,500 per tonne from INR 174,250-187,250 per tonne on January 7.

Vedanta has cut its aluminium wire rod price by INR 4,500 per tonne as well from INR 181,750-189,250 on January 7 to INR 177,250-184,750 per tonne on January 8.

Vedanta’s aluminium billet price has come in at INR 177,750 per tonne, sliding by INR 4,500 per tonne from 182,250 per tonne.

Vedanta links the prices of its products to the three-month futures of aluminium on the London Metal Exchange, which on Thursday, January 7, fell sharply by US$ 54.50 per tonne from US$ 2062.50 per tonne to US$ 2008 per tonne. Nonetheless, on a year-on-year calculation, the three-month futures of aluminium on LME are up by US$ 214 per tonne.

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-sharply-cuts-its-aluminium-products-prices-by-inr4-500-t-after-three-consecutive-hikes-62192