Vedanta has hiked its aluminium ingot price today after cutting the price of the same products last week. With effect from Wednesday, 16 September 2020, the prices of some aluminium ingots are in the range of INR 147,750-160,750 per tonne. That is up INR 2,000 per tonne from INR 145,750-158,750 per tonne on Friday, 11 September 2020.
With the latest hike, Vedanta’ billet now stands at INR 155,750 per tonne on September 16, an increase of INR 2,000 per tonne from INR 153,750 per tonne on September 11.
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 so far due to slower global demand following the coronavirus outbreak.
Vedanta Limited cuts its aluminium Cost of Production (CoP) in the fourth quarter of FY20 by 20 per cent year-on-year to $1451 per tonne. In the full financial year 2020, Cost of Production was down by 14 per cent year-on-year to $ 1690 per tonne. In FY2020, Aluminium production stood at 1.904 million tonnes.
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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