Vedanta cuts aluminium wire rod and billet prices by 1.7% on September 2 after three consecutive hikes

Vedanta Limited has decreased its aluminium products prices by INR 4,000 per tonne or 1.68 per cent with effect from Thursday, September 2, bringing the aluminium wire rod price to INR 233,750-241,250 per tonne from INR 237,750-245,250 per tonne on August 28.

The company’s aluminium billet price has come in at INR 234,250 per tonne, compared to INR 238,250 per tonne last week.

Vedanta’s aluminium ingot price has not been barred from the cut and therefore standing at INR 226,250-239,250 per tonne, also down by INR 4,000 per tonne from INR 230,250-243,250 per tonne on August 28.

Vedanta limited links its aluminium products and aluminium ingot prices to the three-month futures of aluminium on the London Metal Exchange, which plunged by US$46.50 per tonne on Wednesday, September 1, to settle at US$2,667.50 per tonne. However, on a month-on-month calculation, the price is up by about US$32.50 per tonne from 2,635 per tonne, and on a year-on-year basis, it is higher by US$886 per tonne than US$ 1,781.50 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.