Vedanta’s aluminium billet price accumulates INR6000/t on Oct. 21 in response to LME price hike after four days
Vedanta Limited has hiked its aluminium products and aluminium ingot prices with effect from October 21 in response to the LME aluminium price rally after four consecutive days of decline. Vedanta’s aluminium wire rod price has accumulated INR 6,000 per tonne to range between INR 221,250- 228,750 per tonne as of October 21, whereas on October 20, the price saw a dip of INR 2,500 per tonne to hover around INR 207,750- 238,250 per tonne.
Aluminium billet price has also gained INR 6,000 per tonne or 2.77 per cent on October 21 to peg at INR 222,750 per tonne versus INR 216,750 per tonne on October 20. With the latest hike, Vedanta’s aluminium ingot price stands at INR 213,750-244,250 per tonne, up by INR 6,000 per tonne following a downfall on the previous day to INR 207,750- 238,250 per tonne.
Vedanta links its aluminium prices to the three-month futures of aluminium on the London Metal Exchange, which surged by US$45 per tonne on October 20 to US$2,214 per tonne after four back-to-back downfalls from US$2,374 per tonne to US$2,169 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.
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Next articleLME benchmark aluminium price gains US$45/t arriving at US$2214/t; SHFE records 1.1% boost
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