Vedanta cuts aluminium ingot price for the fifth time in row
Vedanta’s aluminium ingot and billet price fell for a fifth straight day on Friday, March 27. With effect from March 27, the prices of some ingots were in the range of INR 128,500-141,500 per tonne, down from INR 131,750-144,750 per tonne on March 24.
The price of billet stood at INR 136,500 per tonne, a decrease of 2.33% from INR 139,750 per tonne on March 24. That was also down by 4.04% from INR 142,250 per tonne on March 19.
The Indian aluminium producers generally link prices of its products to the three-month futures of aluminium on London Metal Exchange. The three-month futures of aluminium are down in the current quarter due to slower demand following the coronavirus outbreak.
Vedanta is present in the aluminium segment through its 51 per cent stake in Bharat Aluminium Company Limited and its smelters at Jharsugda in Odisha. With this, Vedanta commands a 40 per cent share in India’s primary aluminium market.
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