Vedanta expands its aluminium billet price by INR5750/t in response to LME aluminium price rally for supply shortage in Europe

Vedanta Limited has further raised its aluminium products and aluminium ingot prices, with effect from Tuesday, May 17, in response to back-to-back LME aluminium price hike this week. As per the revised prices revealed, Vedanta has expanded its aluminium billet price by INR 5,750 per tonne or 2.29 per cent to sell the product at INR 257,000 per tonne. On Saturday, May 14, the price stood at INR 251,250 per tonne, seeing an increase of INR 2,000 per tonne from the previous day.

Vedanta’s aluminium wire rod price has also experienced a rise of INR 5,750 per tonne, with effect from May17, to range between INR 256,500 – 264,000 per tonne versus INR 250,750-258,250 per tonne on May 14.

Vedanta has increased its aluminium prices in tandem with the LME aluminium benchmark price rally by US$103 per tonne from US$2,688 per tonne to US$2,791 per tonne as of May 16, driven by record low inventories at 532,000 tonnes caused by continued production cuts across European smelters due to high power costs.

Vedanta’s aluminium ingot price is no exception but seen a hike of INR 5,750 per tonne too to come in at INR 249,000 - 284,700 per tonne as of May 17.

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.