Vedanta cuts its aluminium ingot price by 2%

Vedanta has cut the prices of its aluminium ingots and billets for the fourth time in a row. With effect from March 24, the prices of some ingots are in the range of INR 131,750-144,750 per tonne, down from INR 134,250-147,250 per tonne on March 19.

The company is now selling its billet at INR 139,750 per tonne. That was down from INR 142,250 per tonne.

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 nearly 15% in the current quarter due to slower demand in China 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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