Hindalco & Vedanta’s aluminium ingot prices close this week 1 per cent lower, partly offset by today’s raise

Hindalco and Vedanta’s aluminium prices stood lower by the end of the week after several cuts from July 18 to 20, 2023. On Tuesday, July 18, Hindalco axed its aluminium ingot price by INR 3,750 per tonne to INR 212,250 per tonne. The company’s aluminium wire rod and billet prices also saw a similar slash of INR 3,750 per tonne, reaching INR 224,250 per tonne and INR 226,350 per tonne, respectively.

The next day, July 19, Hindalco’s aluminium ingot, aluminium wire rod, and billet prices saw a further cut of INR 2,500 per tonne to clock at INR 209,750 per tonne, INR 221,750 per tonne, and INR 223,850 per tonne, respectively. The price cut continued till July 20, bringing Hindalco’s aluminium ingot price to INR 207,500 per tonne, aluminium wire rod price to INR 219,500 per tonne, and aluminium billet price to INR 221,600 per tonne.

On July 21, Hindalco raised its aluminium ingot and aluminium products prices by INR 2,500 per tonne, in line with the LME aluminium price growth by US$30 per tonne on July 20. With today’s expansion, Hindalco’s aluminium ingot price settled at INR 210,000 per tonne, aluminium wire rod price at INR 222,000 per tonne, and aluminium billet price at INR 224,100 per tonne. However, the prices closed lower than at the beginning of the week by INR 2,250 per tonne.

Vedanta also started the week on Tuesday, July 18, with a cut of INR 3,500 per tonne from its aluminium ingot, aluminium wire rod, aluminium billet prices. Thus, the prices stood at INR 211,000- 235,000 per tonne, INR 219,500-227,000 per tonne, and INR 220,000 per tonne, respectively. The following two days, Vedanta further cut INR 2,500 per tonne and INR 2,250 per tonne, bringing its aluminium ingot price to INR 206,250-230,250 per tonne, aluminium wire rod price to INR 214,750- 222,250 per tonne, and aluminium billet price to INR 215,250 per tonne, as of July 20.

With effect from July 21, Vedanta increased its aluminium prices by INR 2,500 per tonne. Thus, the company’s aluminium ingot price settled at INR 208,750-232,750 per tonne, aluminium wire rod price at INR 217,250-224,750 per tonne, and aluminium billet price INR 217,750 per tonne. But similar to Hindalco, Vedanta's aluminium prices closed the week 1.07 per cent lower.