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Sale of Indian Non Ferrous Metal Companies Shrink in Jul-Sep Quarter

Metal News - Published on Wed, 27 Nov 2019

Image Source: lookmansons.com
Business Standard reported that sales of Indian nonferrous metal companies contracted by 4.7 per cent in Q2 of this fiscal on account of overall weakness in metal prices. Among the non-ferrous metal companies, aluminium firms witnessed 21 per cent contraction in sales. For metals sector, the contraction in net sales was broad based having repercussions across all segments. An industry source “The waning demand is vexing for the domestic aluminium makers. Degrowth has also been noticed in case of flat rolled products because of subdued demand in transportation and construction sectors. Slowdown in manufacturing sector, fragile consumer demand and subdued investment activities has dragged aluminium consumption.”

A study by CARE Ratings noted that the average prices of aluminium in Q2 of FY20 declined by 14 per cent compared to the year ago period. Aside from aluminium, average prices of other base metals such as zinc and copper fell by 7.5 per cent and five per cent respectively, negatively affecting the topline of companies.

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Posted By : Rabi Wangkhem on Wed, 27 Nov 2019
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