Vedanta reduces its aluminium ingot selling price by INR6250/t with effect from February 7
Vedanta Limited has extended its aluminium ingot and products price cut with effect from Tuesday, February 7. The company has reduced its aluminium ingot price by INR 6,250 per tonne or 2.58 per cent to INR 236,250-266,750 per tonne versus INR 242,500-273,000 per tonne on February 3.
Vedanta’s aluminium wire rod has also seen a cut of INR 6,250 per tonne, with effect from February 7, to stand at INR 243,750-251,250 per tonne compared to INR 250,000-257,500 per tonne as of February 3. Aluminium billet price has also experienced a cut by the same amount to come in at INR 245,250 per tonne, in contrast with INR 251,500 per tonne last week.
Vedanta links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which continued to decline by US$87.50 per tonne from US$2,560 per tonne on February 3 to US$2,472.50 per tonne on February 7.
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 of India's primary aluminium market.
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