Vedanta further lowers aluminium wire rod and billet prices by INR4250/t on June 19

Vedanta Limited has reported that it has reduced its aluminium products and aluminium ingot prices for the second time in a row on Saturday, June 19. The company has updated that it is now selling its aluminium wire rod at INR 211,000-218,500 per tonne – 2 per cent or INR 4,250 per tonne lesser than INR 215,250-222,750 per tonne on Wednesday, June 16.

With the latest cut, Vedanta’s aluminium billet price has come in at INR 211,500 per tonne, also down by INR 4,250 per tonne from INR 215,750 per tonne on June 16.

Vedanta’s aluminium ingot price has been decreased to INR 203,500-216,500 per tonne on June 19 from INR 207,750-220,750 per tonne on the previous day.

Vedanta links its aluminium products and aluminium ingot prices to the three-month futures of aluminium on the London Metal Exchange, which after June 16 plunged by US$ 80 per tonne to reach US$ 2,374 per tonne as of June 18. On a month-on-month calculation, the price is down by US$ 90 per tonne from US$ 2,468 per tonne but up on the year by US$ 787.50 per tonne from US$ 1,586.50 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 in India's primary aluminium market.