Vedanta Limited has more significantly reduced its aluminium ingot and aluminium products selling prices, with effect from June 14, in response to the LME aluminium price plunge for the third consecutive day. Vedanta has notified a cut of INR 8,000 per tonne or 3 per cent on its aluminium ingot to sell it at INR 234,500- 267500 per tonne versus INR 242,500 -275,500 per tonne on June 11.
Vedanta’s aluminium wire rod price has also suffered a loss of INR 8,000 per tonne, ranging between INR 242,000- 249,500 per tonne, with effect from June 14. On June 11, the company’s aluminium wire rod price stood at INR 250,000-257500 per tonne after being reduced by INR 5,500 per tonne.
Aluminium billets price has come in at INR 243,500 per tonne, also down by INR 8,000 per tonne from INR 251,500 per tonne on June 9.
Vedanta Limited links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which slumped over the week by US$105.50 per tonne to stand at US$2,589.50 per tonne, the lowest in the last six months.
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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