Vedanta slightly increases aluminium wire rod price by 0.65% to INR233,000-240,500/t on August 24

Vedanta Limited has increased its aluminium products prices and aluminium ingot price with effect from Tuesday, August 24. The company’s aluminium wire rod price has come in at INR 233,000-240,500 per tonne, up by INR 1,500 per tonne from INR 231,500-239,000 per tonne on August 19.

Hindalco is selling its aluminium billet at INR 233,500 per tonne, also an increase of INR 1,500 per tonne from INR 232,000 per tonne on August 19.  

Hindalco’s aluminium ingot price is ranging between INR 225,500-238,500 per tonne in comparison with INR 224,000-237,000 per tonne last week.

Vedanta limited links its aluminium ingot and aluminium product prices to the three-month futures of aluminium on the London Metal Exchange, which after August 19 grew US$ 65 per tonne to stand at INR 2,609 per tonne as of August 23. On a month-on-month calculation, the price is up by US$ 117 per tonne from 2,492 per tonne, and on a year-on-year basis by US$ 873.50 per tonne from US$ 1,735.50 per tonne.

Aluminium operations of the company, excluding those of its US arm Novelis Inc, generally account for nearly half of its total sales and 70% of its operating profit.