Vedanta’s aluminium ingot price soars by INR6250/t on June 2 in line with LME aluminium price rally

Vedanta Limited has significantly expanded its aluminium ingot and aluminium products prices for the third time in a row, with effect from Wednesday, June 2, 2021. Vedanta has raised its aluminium ingot price by INR 6,250 per tonne or 2.9 per cent to INR 206,750-219,750 per tonne on June 2. Last week, on May 28, the ingot price was at INR 200,500-213,500 per tonne, climbing by INR 3,250 per tonne from the previous day.

With the latest increase, Vedanta’s aluminium wire rod price has come in at INR 214,250-221,750 per tonne, also up by INR 6,250 per tonne from INR 208,000-215,500 per tonne on May 28. The company’s billet price has also seen an increase of INR 6,250 per tonne from INR 208,500 per tonne to INR 214,750 per tonne.

Vedanta links its aluminium products and aluminium ingot prices to the three-month futures of aluminium on the London Metal Exchange, which after May 28 surged by US$ 57 per tonne to come in at US$ 2,461.50 per tonne as of June 2. On a month-on-month calculation, the price is currently up by US$ 27 per tonne and on the year by US$ 962 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.