Vedanta Limited has decreased its aluminium ingot and aluminium product prices with effect from Wednesday, August 4, in line with the fall in the LME aluminium benchmark price on August 3. Vedanta is currently selling its aluminium wire rod at INR 232,000-239,500 per tonne, down by INR 2,750 per tonne or 1.14 per cent from INR 234,750- 242,250 per tonne on July 31.

Vedanta is also selling its aluminium billets at INR 2,750 per tonne lower than the previous day. Thus, the price is currently at INR 232,500 per tonne versus INR 235,250 per tonne last week.

The company’s aluminium ingot price has also seen a cut of INR 2,750 per tonne on August 4 from INR 227,250-240,250 per tonne on July 31 to INR 224,500-237,500 per tonne.

Vedanta limited links its aluminium ingot and aluminium product prices to the three-month futures of aluminium on the London Metal Exchange, which decreased by US$ 39.50 per tonne on August 3 to US$ 2,595.50 per tonne. However, on a month-on-month calculation, the price is up by about US$ 76 per tonne from 2,510.50 per tonne, and on a year-on-year basis by US$ 916 per tonne from US$ 1,679.50 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.