Vedanta lifts its aluminium ingot price by INR4000/t on April 9 in response to LME price rise

After a sharp cut of INR 7,250 per tonne across all the aluminium products on April 8, Vedanta Limited has lifted its aluminium prices, with effect from April 9. The company has increased its aluminium ingot price by INR 4,000 per tonne to INR 294,000- 341,500 per tonne on April 9 as against INR 290,000- 337,500 on April 8.

Vedanta has also elevated its aluminium wire rod price by INR 4,000 per tonne on April 9 to sell the product at INR 301,500- 309,000 per tonne. On April 8, the company’s aluminium wire rod price stood at INR 297,500- 305,000 per tonne.

Since the latest price revision, Vedanta is selling its aluminium billets at INR 302,000 per tonne, up by INR 4,000 per tonne from INR 298,000 per tonne on April 8.

Vedanta Limited links its aluminium products and aluminium ingot prices to the three-month futures of aluminium on the London Metal Exchange. So, in response to the growth in LME price on April 8 from US$3,346 per tonne to US$3,395 per tonne, Vedanta has increased its aluminium prices. However, on a month-on-month calculation, the LME aluminium price still stands higher by US$105.50 per tonne from US$3,500.50 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.