Vedanta’s aluminium billet and wire rod prices slump by 3% on June 17 as LME price falls to the edge of US$2500/t

Vedanta Limited cuts its aluminium products and aluminium ingot prices, with effect from Friday, June 17, marking the third consecutive fall of prices since June 11. The company’s aluminium billet price has seen a deduction of INR 7,750 per tonne or 3.18 per cent to INR 235,750 per tonne as of June 17. The price on June 14 was at INR 243,500 per tonne, seeing a downfall of INR 8,000 per tonne.

Vedanta’s aluminium wire rod price also experienced a cut of INR 7,750 per tonne to INR 234,250- 241,750 per tonne, as against INR 242,000- 249,500 per tonne after losing INR 8,000 per tonne on June 14.

Aluminium ingot price is no exception but seen a decline to 226,750- 259,750 per tonne, from INR 234,500- 267500, as shown by Vedanta’s latest price chart.

Vedanta Limited links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which further decreased by US$87.50 per tonne in past two days to stand at the edge of US$2,500 per tonne. As of Thursday, June 16, the LME aluminium benchmark price precisely amounted to US$2,500.50 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.