Vedanta’s aluminium ingot price nosedived by INR4000/t on March 24 but gained 1% on March 25 to settle at INR185500-198500/t

Vedanta Limited slashed its aluminium ingot and aluminium products prices by INR 4,000 per tonne with effect from March 24, following a hike of INR 3,500 per tonne on March 23. That brought the company’s aluminium ingot price to INR 183,250-196,250 per tonne from INR 187,250-200,250 per tonne on March 23.

Vedanta’s aluminium wire rod price came in at INR 190,750-198,250 per tonne on March 24 versus INR 194,750-202,250 per tonne on March 23. Aluminium billet price ranged between INR 191,250 per tonne.

On the very next day, March 25, Vedanta’s aluminium ingot price rebounded slightly by INR 2,250 per tonne to come in at INR 185,500-198,500 per tonne.

Vedanta’s aluminium wire rod and aluminium billet prices also saw a hike of INR 2,250 per tonne. While the former increased from INR 190,750-198,250 per tonne to INR 193,000-200,500 per tonne, the latter climbed from INR 191,250 per tonne to INR 193,500 per tonne.

Vedanta links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which on March 24 increased from US$ 2205 per tonne to US$ 2220.50 per tonne. On a year-on-year basis, the three-month futures of aluminium on the London Metal Exchange are currently up by US$ 548 per tonne or 32.77 per cent.

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.