Vedanta reduces its aluminium wire rod & billet prices by over 2% with effect from May 20

Vedanta Limited has decreased its aluminium products and aluminium ingot prices on May 20, following a raise on a day ago. Vedanta is now selling its aluminium wire rod at INR 210,000-217,500 per tonne, which is INR 5,500 per tonne or 2.5 per cent less than INR 215,500-223,000 per tonne on May 19.

With effect from May 20, Vedanta’s aluminium billet price has come in at INR 210,500 per tonne, also reduced by INR 5,500 per tonne from INR 216,000 per tonne on May 19. Vedanta’s aluminium ingot price is ranging between INR 202,500-215,500 per tonne as of May 20, in comparison with INR 208,000-221,000 per tonne on May 19.

Vedanta links its aluminium products and aluminium ingot prices to the three-month futures of aluminium on the London Metal Exchange, which on May 20 extended its decline to US$ 2,392 per tonne, reflecting a total downfall of US$ 63 per tonne through the week. However, on a month-on-month calculation, the price is currently up by US$ 68 per tonne from US$ 2,324 per tonne and over the year by US$ 938 per tonne from US$ 1,454 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.