Vedanta and Hindalco raised price of aluminium ingots by 1% with effect from Wednesday December 25
Two major Indian aluminium producers Vedanta and Hindalco have raised their ingot prices in the domestic market.
Vedanta has increased the prices of aluminium ingots by more than 1% with effect from December 25. The price for Vedanta aluminium now stands at INR 143,750-156,750 per tonne. This is the second time in a row that the company has raised the prices of its products.
The Indian producers generally link prices of its products to the three-month futures of aluminium on London Metal Exchange. So far this quarter, the three-month futures of aluminium are up more than 5% on the London Metal Exchange.
Similarly, Hindalco Industries Ltd has raised the prices of its aluminium ingots, billets and wire rods by more than 1% with effect from December 25. The price for Hindalco aluminium now stands at INR 145,250-155,850 per tonne.
Hindalco Industries' aluminium operations, excluding those of Novelis Inc, generally account for nearly half of its sales and 70% of its operating profit.
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