Vedanta goes for marginal price cut in
aluminium ingots

According to the trade sources, with effect from Sunday, Vedanta Ltd has slightly cut the prices of aluminium ingots by 0.2%.


Last week, the company had raised the prices of these products by nearly 1%.


With the latest drop in prices, rates of the company's products are down more than 7%, compared with the end of the previous quarter. 


The three-month futures contracts of aluminium on the London Metal Exchange, to which companies generally link prices, are down 8% in the same period.


The aluminium vertical contributed to around a third of the company's consolidated sales in the March quarter. The company had reported an operating loss in Jan-Mar.


Vedanta is present in the aluminium segment through its stake in Bharat Aluminium Co Ltd and smelters in Jharsuguda, Odisha. The company commands 40% share of India's primary aluminium market.

 

Updated On 25-Jun-2019

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