Vedanta Limited increases its aluminium wire rod price back-to-back to INR248,000-255,500/t

Vedanta Limited expanded its aluminium products prices by INR 4,250 per tonne on Thursday September 9, bringing its aluminium wire rod price to INR 244,500-252,000 per tonne. On Friday, September 10, Vedanta’s aluminium wire rod price again saw a hike of INR 3,500 per tonne to come in at INR 248,000-255,500 per tonne.

As per Vedanta’s report, its aluminium billet price grew from INR 240,750 per tonne on September 7 to INR 245,000 per tonne on September 9, which further expanded the very next day by INR 3,500 per tonne to close at INR 248,500 per tonne.

Vedanta’s aluminium ingot price also saw an increase of INR 4,250 per tonne on September 9 from INR 232,750-245,750 per tonne to INR 237,000-250,000 per tonne, which grew for the second day in a row on September 10 to reach INR 240,500-253,500 per tonne.

Vedanta Limited links its aluminium products and aluminium ingot prices to the three-month futures of aluminium on the London Metal Exchange, which during September 7-9 surged by US$76.50 per tonne from US$2,740.50 per tonne to US$2,817 per tonne. On a month-on-month calculation, the price is up by US$270 per tonne from US$2,547 per tonne, and on a year-on-year basis, it is higher by US$1077 per tonne than US$ 1,740 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.