Vedanta raises prices of aluminium ingots after 5 cuts in a row
Vedanta Ltd has raised the prices of aluminium ingots after cutting them five times in a row, trade sources told Cogencis.
The natural resources major raised the prices of these products by nearly 2% with effect from Thursday, for the first time since early September.
The hike in prices is in line with the improvement in prices of aluminium on the London Metal Exchange, which had been under pressure because of the trade talks between US and China failing to come to a resolution.
So far in October, the three-month futures of aluminium are up over 1% on the LME, against a fall in prices in September and August.
Companies generally link the prices of their aluminium products to the three-month futures of the metal on the LME.
The aluminium vertical contributed around a third to the company's consolidated sales in the June quarter. However, the operating loss for the segment widened sequentially.
Vedanta is present in the aluminium segment through its stake in Bharat Aluminium Co Ltd and its smelters in Jharsuguda, Odisha. The company commands 40% share of India's primary aluminium market.
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