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19 MAY 2020 AL CIRCLE

Vedanta hikes its aluminium ingot price with effect from May 19

EDITED BY : HEENA IQBAL 1MINS READ

Vedanta has raised its aluminium ingot price by INRINR 1250 per tonne or 0.97% after cutting them two times in a row. The price is increased to INR 130,500-143,500 per tonne, with effect from May 19. The aluminium ingot price was in the range of INR 129,250-142,250 per tonne on May 17.

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With the latest hike, the company is selling its billet at INR 138,500 per tonne, an increase of INR 1250 per tonne from INR 137,250 per tonne on May 17.

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 20% so far in 2020 due to slower global demand following the coronavirus outbreak.

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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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EDITED BY : HEENA IQBAL 1MINS READ

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