Vedanta cuts aluminium wire rod and billet prices by INR1500/t with effect from March 31
Vedanta Limited has reduced its aluminium products and aluminium ingot prices with effect from March 31, following a raise on March 27. Vedanta’s aluminium wire rod price has come in at INR 194,000-201,500 per tonne, down by INR 1,500 per tonne or 0.77 per cent from INR 195,500-203,000 tonnes on March 27.
Vedanta’s aluminium billet price has also seen a cut of INR 1,500 per tonne to INR 194,500 per tonne on March 31 from INR 196,000 tonnes on Saturday, March 27.
The company’s aluminium ingot price is standing in the range of INR 186,500-199,500 per tonne with effect from March 31 versus INR 188,000-201,000 per tonne last week.
Vedanta links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which during March 29-31 decreased from US$ 2255.50 per tonne to US$ 2212.50 per tonne. On a year-on-year basis, the three-month futures of aluminium on the London Metal Exchange are currently up by US$ 723.50 per tonne or 48.59 per cent.
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.
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