
After cutting prices of aluminium ingots seven times in a row, Vedanta Ltd has raised rates of these products by nearly 3% with effect from December 4. After the increase, the price for Vedanta aluminium ingot stands at INR 157,000 (USD 2215) per tonne, up from INR 152,750 (USD 2155) per tonne on December 1.
With today’s hike, rates of these products are at two-weeks high. Most aluminium producers in India have raised product prices following the rise in global aluminium price in London Metal Exchange after the G20 summit where USA signed a new trade agreement with Canada and Mexico and China and USA agreed upon a 90 days truce on trade war while further negotiations are on.
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Even after the price hike on December 4, rates of these products are down 5-6% for the quarter. The three-month futures of aluminium on the London Metal Exchange are down more than 1% for the same period.
The three-month aluminium price in London Metal Exchange has fallen 4% since the start of the quarter and stood at US$ US$ 1980.50 per tonne on December 4.
Vedanta Ltd has also increased prices of aluminium ingots by 1% with effect from December 4. With this price increase, prices of Vedanta’s primary ingots now stood at INR 155,650 per tonne on December 4 from INR 152,400 per tonne on November 27.
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