Vedanta’s aluminium ingot price sees a growth after several cuts since March 7, thanks to the LME price hike

Vedanta Limited has lifted its aluminium ingot and aluminium products prices on Wednesday, March 15, after several cuts, in response to the LME aluminium price hike. Vedanta, India's leading aluminium producing company, has added INR 4,500 per tonne to its aluminium ingot price to sell the primary metal at INR 217,000-247,500 per tonne with effect from March 15. On March 14, the price stood at INR 212,500-243,000, dropping by INR 1,500 per tonne from the previous day.

Vedanta's aluminium wire rod price has also been raised by INR 4,500 per tonne to INR 224,500-232,000 per tonne on March 15 after being cut by INR 1,500 per tonne to INR 220,000-227,500 per tonne on March 14. Aluminium billet price has come in at INR 226,000 per tonne, up by INR 4,500 per tonne or 2.03 per cent from INR 221,500 per tonne the earlier day.

Vedanta links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which climbed US$35.50 per tonne on March 14 to close at US$2,272 per tonne after a continuing sluggish trend since March 3. Only on March 9, the LME aluminium price saw an intermittent growth of US$2.50 per tonne from US$2,288.50 per tonne to US$2,291 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 of India's primary aluminium market.