Vedanta Limited reduces its aluminium product prices by INR1500/t with effect from June 22

Vedanta Limited has further reduced its aluminium products prices, although lower than the previous, with effect from Tuesday, June 22. Vedanta has cut its aluminium wire rod price by INR 1,500 per tonne or 0.71 per cent from INR 211,000-218,500 per tonne on June 19 to INR 209,500-217,000 per tonne on June 22.

The company is currently selling its aluminium billet price at INR 210,000 per tonne, also down by INR 1,500 per tonne from INR 211,500 per tonne on June 19.

Vedanta’s aluminium ingot price has also witnessed a cut of INR 1,500 per tonne with effect from June 22 to come in at INR 202,000-215,000 per tonne. On Saturday, June 19, Vedanta’s aluminium ingot price stood at INR 203,500-216,500 per tonne.

Vedanta links its aluminium products and aluminium ingot prices to the three-month futures of aluminium on the London Metal Exchange, which after June 18 further decreased by US$ 20.50 per tonne to settle at US$ 2,353.50 per tonne as of June 21. On a month-on-month calculation, the price is down by US$ 49.50 per tonne from US$ 2,403 per tonne but up on the year by around US$ 775.50 per tonne from US$ 1,578 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.