Vedanta Limited has sharply reduced its aluminium product prices with effect from Tuesday, August 10, in tandem with the plunge in LME aluminium benchmark price on August 9. Vedanta’s aluminium wire rod price has seen a cut of INR 5,500 per tonne or 2.30 per cent on Tuesday and standing at INR 228,000-235,500 per tonne, compared with INR 233,500-241,000 per tonne on August 7.
The company has also decreased its aluminium billet price by INR 5,500 per tonne from INR 234,000 per tonne on August 7 to INR 228,500 per tonne on August 10.
With the plunge today, Vedanta’s aluminium ingot price has come in at INR 220,500-233,500 per tonne, reflecting a downfall of 2.30 per cent or INR 5,500 per tonne from the previous day. As of August 7, Vedanta’s aluminium ingot price was at INR 226,000-239,000 per tonne.
Vedanta limited links its aluminium ingot and aluminium product prices to the three-month futures of aluminium on the London Metal Exchange, which declined by US$ 71.50 per tonne on August 9 to US$ 2,547 per tonne. However, on a month-on-month calculation, the price is up by US$ 77 per tonne from 2,470 per tonne, and on a year-on-year basis by about US$ 817 per tonne from US$ 1,730 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.
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