Vedanta increases aluminium ingot prices effective July 11 with the rise in LME aluminium price
Vedanta Ltd has raised prices of aluminium ingots today registering a rise for two consecutive days in a row. Vedanta has increased the price of P1020/ EC Grade Ingot with 99.7% purity to INR 143000 per tonne effective from today, July 11 from INR 141250 per tonne on July 9. Last increase took place on July 9 from INR 139750 per tonne on July 5.
The company has raised the rates of its products by more than 2.3% in last two increases.
LME aluminium prices continued to stay lower through the June quarter leading to a drop in prices of aluminium products of Indian aluminium producers. Three months LME aluminium hovered around US$ 1800 per tonne throughout June. Vedanta’s prices stood 6% lower in the second quarter of FY2019. The company generally links prices of products to the three-month futures contracts of aluminium on the London Metal Exchange. Currently, three months aluminium is consolidating at a level slightly higher than US$ 1800 per tonne. The news of closure of Aluminij Mostar smelter buoyed LME aluminium yesterday.
The aluminium vertical contributed to around a third of the company's consolidated sales in the March quarter. The company had reported an operating loss for Jan-Mar. Vedanta’s aluminium operations cover Bharat Aluminium Co Ltd and smelters in Jharsuguda, Odisha.
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