Vedanta’s aluminium prices reduced by INR1500/t after five hikes in a row this month

Vedanta Limited has cut its aluminium ingot and aluminium product prices with effect from October 16 after five consecutive hikes since October 6. The price of aluminium ingot has been reduced by INR 1,500 per tonne or 1 per cent from INR 153,500-166,500 per tonne to INR 152,000 -165,000 per tonne.

Vedanta’s aluminium billet price is now at INR 160,000 per tonne, also down by INR 1,500 from INR 161,500 per tonne. With the latest cut, the price of Vedanta’s aluminium wire rod has come in at INR 159,500-167,000 per tonne versus INR 161,000-168,500 per tonne on October 14.

The Indian aluminium producers generally link prices of its products to the three-month futures of aluminium on the London Metal Exchange, which dipped on October 15 from US$ 1836 per tonne to US$ 1824 per tonne but again rose on October 16 to US$ 1865.50 per tonne. Over the year, the aluminium price on LME is now up by 5.28 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.