Vedanta's aluminium ingots prices now at INR127,250-140,250/t after sixth consecutive cut
Vedanta for the sixth consecutive time has cut its aluminium ingots prices by nearly 1 per cent, with effect from Wednesday, April 1. The company had cut the prices of these products by 2 to 3 per cent.
After the cut with effect from April 1, Vedanta is now selling ingots at INR 127,250 per tonne to INR 140,250 per tonne, down by 10 to 11 per cent from that the end of 2019.
The last aluminium ingot price cut by Vedanta was with effect from March 27, which brought the prices to INR 128,500 per tonne to INR 141,500 per tonne, down from INR 131,750-144,750 per tonne on March 24.
The billet price after the cut on Wednesday came in at INR 135,250 per tonne, 0.91 per cent lower than INR 136,500 per tonne last week.
The Indian aluminium producers generally link their product prices to the three-month futures of aluminium on the London Metal Exchange. The benchmark contract has also fallen by 20 per cent as demand has slowed down globally because of the COVID19 pandemic.
Vedanta’s aluminium business typically accounts for one-third of the company’s consolidated sales. The company 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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