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11 MAY 2020 AL CIRCLE

Vedanta cuts its aluminium ingots price after three hikes in a row

EDITED BY : HEENA IQBAL 1MINS READ

Vedanta has decreased its aluminium ingot and billet price after hiking them for the third time in a row. With effect from May 9, the prices of some ingots are in the range of INR 130,500-143,500 per tonne. This marks an decrease of INR 1000 per tonne or 0.76% from INR 131,500-144,500 per tonne on April 25.

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With the latest decline, Vedanta’ billet now stands at INR 138,500 per tonne, a drop of INR 1000 per tonne or 0.72% from INR 139,500 per tonne on April 21.

The Indian aluminium producers generally link prices of its products to the three-month futures of aluminium on London Metal Exchange. The three-month futures of aluminium are down so far in 2020 due to slower global demand following the coronavirus outbreak.

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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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EDITED BY : HEENA IQBAL 1MINS READ

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