Vedanta Limited reduces aluminium wire rod price by 1% with effect from May 6
Vedanta Limited further reduced its aluminium products and aluminium ingot prices on May 6, in response to the LME aluminium benchmark price fall. The company cut its aluminium wire rod price by INR 2,250 per tonne to INR 263,000 – 270,500 per tonne versus INR 265,250 -272,750 per tonne on May 5.
Vedanta’s aluminium billet price came in at INR 263,500 per tonne, with effect from May 6, down by INR 2,250 per tonne or 99.9 per cent from INR 265,750 per tonne on May 5. Aluminium ingot price stood at INR 255,500 – 291,200 per tonne after being cut by INR 2,250 per tonne as well.
Vedanta further cut its aluminium prices on May 6 in tandem with the decline in the three-month futures of aluminium on the London Metal Exchange by US$12 per tonne to US$2,917 per tonne. On a month-on-month calculation, the LME aluminium benchmark price is down by US$498 per tonne from US$3,415 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.
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