Vedanta increases its aluminium ingot prices by INR1500/t
Vedanta has increased the aluminium ingot price by nearly 1% for the third time in a row. With effect from April 25, the prices of some ingots are in the range of INR 131,500-144,500 per tonne. This marks an increase of INR1500 per tonne from INR 130,000-143,000 per tonne on April 21.
With the latest hike, Vedanta is now selling billet at INR 139,500 per tonne, a hike of INR 1500 per tonne or 1.09% from INR 138,000 per tonne on April 21.
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 18% 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.
Growing demand and subdued supply of primary aluminium lead to lower inventories over the weekend ending April 27
Next articleLME aluminium price opened the week lower at US$ 1472.5/t; SHFE contract hit a one-week high
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