Vedanta Limited cuts aluminium ingot price by INR3500/t on March 2 after stupendous hike last week

Vedanta Limited has reduced its aluminium ingot and aluminium products prices with effect from Tuesday, March 2, after a colossal hike of INR 7,250 per tonne on Friday, February 26. The company has cut its aluminium ingot price by INR 3,500 per tonne from INR 185,250 – 198,250 per tonne on Friday to INR 181,750 - 194,750 per tonne on Tuesday, March 2.

Vedanta’s aluminium wire rod price has come in at INR 189,250 – 196,750 per tonne, also down by INR 3,500 per tonne from INR 192,750 – 200,250 per tonne on February 26. Billet price is hovering around INR 189,750 per tonne compared to INR 193,250 per tonne.

Vedanta links its aluminium ingot and aluminium products prices to the three-month futures of aluminium on the London Metal Exchange, which after February 26 decreased by US$ 48 per tonne over the weekend to come in at US$ 2154.50 per tonne as of Monday, March 1. Currently, the three-month futures of aluminium on the London Metal Exchange are up by US$ 470 per tonne or 27.90 per cent year-on-year.

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.