Vedanta’s aluminium wire rod price suffers a loss of INR5250/t on October 11
Vedanta Limited has axed its aluminium products and aluminium ingot prices, with effect from Tuesday, October 11, following three back-to-back hikes. According to the revised prices revealed, the company’s aluminium wire rod price has seen a slash of INR 5,250 per tonne to range between INR 224,750-232,250 per tonne.
Vedanta’s aluminium billet price has come in at INR 226,250 per tonne as of October 11, down by INR 5,250 per tonne or 2.27 per cent from INR 231,500 per tonne on October 7. Aluminium ingot price is no exception but also experienced a cut of INR 5,250 per tonne from INR 222,500-253,000 per tonne on October 7 to INR 217,250 -247,750 per tonne on October 11.
Vedanta links its aluminium prices to the three-month futures of aluminium on the London Metal Exchange, which plunged by US$68 per tonne or 2.90 per cent over the weekend to stand at US$2,274 per tonne on Monday, October 10.
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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