Vedanta Limited has reduced its aluminium ingot and aluminium products prices by INR 2,750 per tonne on Thursday, November 24, just after the day it hiked its products prices by INR 4,500 per tonne. The latest cut has brought the company’s aluminium ingot price to INR 223,500-254,500 per tonne as of November 24, compared to INR 226,250-257,250 per tonne on November 23.
Vedanta’s aluminium wire rod price has slipped to INR 231,000-238,500 per tonne on November 24 from INR 233,750-241,250 per tonne on November 23. Aluminium billet price is at INR 232,500 per tonne, with effect from November 24, also down by INR 2,750 per tonne from INR 235,250 per tonne on the previous day.
Vedanta links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metals Exchange, which shrank by US$30 per tonne on November 23 from INR 2,394 per tonne on November 22.
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.