Vedanta sold aluminium ingot at INR2000/t higher on March 3

Vedanta Limited increased its aluminium ingot and aluminium products prices on Wednesday, March 3, following a cut on the previous day. Vedanta raised its aluminium ingot price by INR 2,000 per tonne to INR 183,750 – 196,750 per tonne in comparison with INR 181,750 - 194,750 per tonne on Tuesday, March 2.

Vedanta’s aluminium wire rod price also witnessed a hike of INR 2,000 per tonne from INR 189,250 – 196,750 per tonne on March 2 to INR 191,250 – 198,750 per tonne on March 3. Aluminium billets price came in at INR 191,750 per tonne on March 3, up by INR 2,000 per tonne or 1.05 per cent from INR 189,750 per tonne on March 2.

Vedanta links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which increased from US$ 2154.50 per tonne on March 1 to US$ 2176 per tonne on March 2, 2021. On a year-on-year basis, three-month futures of aluminium on the London Metal Exchange stood US$ 491.50 per tonne or 29.18 per cent higher as of March 2.

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.