Vedanta Limited cuts aluminium wire rod & billet prices by 3% with effect from May 10

Vedanta Limited is continuing to cut its aluminium products and aluminium ingot prices in line with the incessant downfall of the LME aluminium benchmark price. On Tuesday, May 10, Vedanta slashed its aluminium wire rod price by INR 8,250 per tonne or 3.2 per cent to INR 249,750 - 257,250 per tonne. On May 7, the prices hovered around INR 258,000 – 265,500 per tonne.

Vedanta’s aluminium billet price also saw a cut of 3.20 per cent or INR 8,250 per tonne on May 10 from INR 258,500 per tonne to INR 250,250 per tonne. Aluminium ingot price came in at INR 242,250 – 277,950 per tonne, down by INR 8,250 per tonne as well from INR 250,500 – 286,200 per tonne.

Vedanta continues to cut its aluminium prices in response to the incessant decline in the three-month futures of aluminium on the London Metal Exchange. During May 6-9, the LME aluminium benchmark price plunged by US$124.50 per tonne or 4.4 per cent from US$2,832.50 per tonne to US$2,708 per tonne, which brought the price month-on-month lower by US$687 per tonne from US$3,395 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.