Vedanta’s aluminium wire rod & billet prices see a sharp downfall of INR10500/t with effect from May 4

Vedanta Limited further reduced its aluminium products and aluminium ingot prices, with effect from May 4, 2022, for the fifth consecutive time since April 23. According to the revised prices, Vedanta is currently selling its aluminium wire rod at INR 263,500-271,000 per tonne after cutting it by INR 10,500 per tonne or 3.8 per cent from INR 274,000-281,500 per tonne on April 30.

Vedanta’s aluminium billet price also saw a slash of INR 10,500 per tonne on May 4 from INR 274,500 per tonne to INR 264,000 per tonne. Aluminium ingot price also experienced a cut of the same amount to stand at INR 256,000- 291,700 per tonne. On the previous day, April 30, Vedanta’s aluminium ingot price stood at INR 266,500-302,200 per tonne, sliding by INR 3,000 per tonne or 1.11 per cent.

Vedanta Limited links its aluminium products and aluminium ingot prices to the three-month futures of aluminium on the London Metals Exchange. So, in response to the downfall in LME aluminium benchmark price from US$3,065.50 per tonne on April 28 to US$2,929 per tonne on May 4, Vedanta has reduced its aluminium selling prices. On a month-on-month calculation, the LME price is down by US$515 per tonne from US$3,444 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.