Vedanta increases aluminium ingot price by INR1500/t w.e.f. May 19 after two consecutive cuts last week
Vedanta Limited has increased its aluminium ingot and aluminium products prices by INR 1,500 per tonne with effect from Wednesday, May 19, following two consecutive cuts last week on May 13 & 15. Vedanta’s aluminium ingot price has come in at INR 208,000-221,000 per tonne compared to INR 206,500-219,500 per tonne on May 15.
Vedanta’s aluminium wire rod and billets prices are standing at INR 215,500-223,000 per tonne and INR 216,000 per tonne, respectively, since the latest increase on May 19.
Vedanta links its aluminium products and aluminium ingot prices to the three-month futures of aluminium on the London Metal Exchange, which after the last week declined by US$ 52.50 per tonne to come in at US$ 2,402.50 per tonne as of May 19. However, on a month-on-month calculation, the price is standing up by US$ 71.50 per tonne from US$ 2,331 per tonne, while over the year increased by US$ 938.50 per tonne from US$ 1,464 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.
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