Vedanta hikes aluminium ingot price by INR 1250/t with effect from May 28
Vedanta has increased aluminium ingot and billets price on Thursday after cutting the price of same product by more than 1.5% on Wednesday, May 27. With effect from Thursday May 28, the prices of some aluminium ingots are in the range of INR 133,000-146,000 per tonne, marking an increase of INR 1250 per tonne or 0.95% from INR 131,750-144,750 per tonne on May 27.
With the latest hike, Vedanta’ billet now stands at INR 141,000 per tonne, an increase of INR 1250 per tonne or 0.89% from INR 139,750 per tonne on May 27.
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 more than 17% 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.
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