Vedanta further hikes its aluminium prices by INR 1500/t as LME aluminium price exceeds this year’s maiden level

Vedanta Limited has consecutively increased its aluminium ingot and aluminium product prices, albeit slower than the previous day, with effect from Saturday, October 10. The company is now selling its aluminium ingot price in the range between INR 150,500 - 163,500 per tonne, up by INR 1,500 per tonne or 1 per cent from INR 149,000 - 162,000 per tonne on October 9.

With the third consecutive hike, Vedanta’s aluminium billet price has come in at INR 158,500 per tonne, also higher by INR 1,500 per tonne than INR 157,000 per tonne on October 9. On October 9, Vedanta’s both aluminium ingot and aluminium billet prices were increased by INR 3,500 per tonne from October 6.

Vedanta’s aluminium wire rod price, as of October 10, is hovering at INR 158,000 – 165,500 per tonne versus INR 156,500 – 164,000 per tonne on October 9.

Vedanta has been increasing its aluminium ingot and aluminium product prices in line with the rallied aluminium price on the London Metal Exchange since October 2. The global aluminium benchmark price on LME has hiked from US$ 1705 per tonne to US$ 1786 per tonne during October 2-8. With that the current LME aluminium benchmark price has exceeded the price in the beginning of the year by INR 14 per tonne.  Like any other Indian aluminium producers, Vedanta links its aluminium product prices to the three-month futures of aluminium on London Metal Exchange.

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.