Vedanta increases its aluminium wire rod price by INR1250/t on Sept. 3 amid continued LME price fall

Vedanta Limited has slightly stretched its aluminium products and aluminium ingot prices, with effect from September 3, following a slash on the day before. As per the revised price list revealed by Vedanta, the company’s aluminium wire rod price has come in at INR 220,750-228,250 per tonne, up by INR 1,250 per tonne from INR 219,500-227,000 per tonne on September 2.

Vedanta’s aluminium billet price has also been increased by INR 1,250 per tonne, with effect from September 3, from INR 221,000 per tonne to INR 222,250 per tonne. Aluminium ingot price is ranging between INR 213,250-242,750 per tonne since it has seen a rise from INR 212,000-241,500 per tonne.

Vedanta, like any other Indian aluminium companies, generally links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange. But despite the further fall of the latter, Vedanta slightly raised its aluminium prices. The LME aluminium benchmark price slipped further for the third day in a row by US$62.50 per tonne from US$2,368.50 per tonne to US$2,306 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.