Vedanta’s aluminium wire rod price experiences a continued cut of 2% with effect from February 10

Vedanta Limited has further reduced its aluminium ingot and aluminium products prices in response to the incessant LME aluminium price fall for over a week. The latest price chart indicates the company’s aluminium wire rod price has experienced a cut of INR 5,000 per tonne or 2 per cent, with effect from Friday, February 10, to stand at INR 238,750-246,250 per tonne versus INR 243,750-251,250 per tonne on February 7.

Vedanta’s aluminium billet price has also been axed by INR 5,000 per tonne, although at a lower rate than the cut of INR 6,250 per tonne on February 7. Vedanta is thus currently selling its aluminium billet at INR 240,250 per tonne, in contrast with INR 245,250 per tonne on February 7.

The latest cut has brought the company’s aluminium ingot price to INR 231,250-261,750 per tonne versus INR 236,250-266,750 per tonne.

Vedanta links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which continued to decline by US$48 per tonne during February 7-9 from US$2,472.50 per tonne to US$2,424.50 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.