Vedanta further increases its aluminium ingots and billets prices by INR 2,000/t with effect from May 22

Vedanta has further increased its aluminium ingots and billets prices, with effect from Friday, May 22. This marks the third consecutive rise in Vedanta’s aluminium prices. The prices of some aluminium ingots after the growth are hovering in the range of INR 134,000-147,000 per tonne, up by INR 2,000 per tonne or 1.5 per cent from INR 132,000-145,000 per tonne on May 20.

Vedanta’s aluminium ingots prices on May 20 had also increased by 1.5 per cent from INR 130,500-143,500 per tonne on May 19.

With the latest hike, Vedanta’s billets prices are now standing at INR 142,000 per tonne, as of May 22, an increase of INR 2,000 per tonne or 1.43 per cent from INR 140,000 per tonne on May 20. On May 19, Vedanta’s billets prices were INR 138,500 per tonne, meaning the billets prices on May 20 saw a rise of 1,500 tonnes or 1.08 per cent.

The Indian aluminium producers generally link prices of its products to the three-month futures of aluminium on the London Metal Exchange. The three-month futures of aluminium are down more than 20% so far in 2020 due to slower global demand following the coronavirus outbreak.

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.