Vedanta Limited has continued to hike its aluminium ingot and aluminium product prices, following the growth on July 24. The latest hike in price came into effect on July 30, marking the second consecutive increase in Vedanta’s aluminium prices. Vedanta is now selling its aluminium ingot at INR 144,000-157,000, up INR 2,250 per tonne or 1.59 per cent from INR 141,750-154,750.
Vedanta’s aluminium wire rod selling price is at INR 151,500-159,000 per tonne, higher by INR 2,250 per tonne or 1.51 per cent from INR 149,250-156,750. Vedanta’s aluminium billet price has also been raised by INR 2,250 per tonne or 1.50 per cent from INR 149,750 on July 24 to INR 152,000 per tonne.
The Indian aluminium producers generally link prices of its products to the three-month futures of aluminium on the London Metal Exchange, which in the last one week during July 27-31 trended up from US$ 1661.50 per tonne to US$ 1685.50 per tonne. So, the overall decline in the three-month futures price of aluminium on LME has come down to 4.88 per cent so far this 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.
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