Vedanta cuts its aluminium ingot price by INR3500/t on Feb 1 in line with three consecutive LME price declines

Vedanta Limited has curtailed its aluminium ingot and aluminium products prices by INR 3,500 per tonne, with effect from February 1, 2023. That brought the company’s aluminium ingot price to INR 238,500-269,000 per tonne versus INR 242,000- 272,500 per tonne on January 31.

Vedanta’s aluminium wire rod price has come in at INR 246,000-253,500 per tonne as of February 1, down by INR 3,500 per tonne or 1.4 per cent from INR 249,500-257,000 per tonne on January 31. Aluminium billet price stands at INR 247,500 per tonne, with effect from February 1, in contrast to INR 251,000 per tonne a day ago.

Vedanta links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which declined for the past three consecutive days by US$64.50 per tonne or 2.48 per cent during January 27-31 from US$2,598 per tonne to US$2,533.50 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 of India's primary aluminium market.