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Hindalco Increase Exports as COVID19 hits Domestic Aluminium Demand

Metal News - Published on Mon, 22 Jun 2020

Image Source: Bloomberg
Indian aluminium smelter Hindalco said last week it plans to increase overseas sales of its output in the coming year to almost two-thirds, raising it from last year’s half-and-half split between domestic and foreign sales as a result of a significant downturn in domestic demand. Hindalco managing director Satish Pai said “In the months of April and May, domestic demand was quite low due to the lockdown. This condition is currently mitigated by higher exports by domestic producers. Hindalco has exported around 80%-90% of its output in the last two months.”

Prior to the pandemic’s outbreak, Mr Pai forecast an annual demand growth of between 6 and 7 percent. He did not reveal an updated forecast in last week’s comments.

Hindalco churned out 1.3 million tonnes of primary aluminium in 2019, a record for the firm. Its primary buyers are located across East Asia, Brazil, and the United States. Altogether Indian’s aluminium smelters combined to produce around 3.7 million tonnes last year, with domestic consumption of same nearly equaling output.

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Posted By : Nishith Sharma on Mon, 22 Jun 2020
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