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Aluminium exports to China rises 10 pc in Q1
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SME Times News Bureau | 30 Oct, 2020
Indian aluminium manufacturers have exports to thank for offsetting a
sharp decline in domestic offtake this fiscal, a Crisil Research report
has said .
Though on domestic front, primary aluminium is
estimated to have plunged 45-50 pet cent on-year in the first quarter
following the nationwide and local lockdowns to contain the Covid-19
pandemic, its exports rose 50 per cent on-year in the first quarter and
constituted over 75 per cent of total primary aluminium production as
against 48 per cent in the same quarter of last fiscal.
Sales in
the domestic market and the resultant economic contraction, labour
shortage, and logistic disruptions affected key demand segments --
power, construction and automobiles -- which account for over
three-fourths of the demand pie.
Yet, the Crisil research showed most smelters were operational during the entire lockdown period.
To
be sure, India's primary aluminium production fell just 5 per cent
on-year during the quarter, with utilisation levels largely unchanged.
Primary aluminium production is a continuous process, and categorised
under essential services.
The export market that provided the
necessary outlet to Indian aluminium producers were those that have had
early success in containing the pandemic, such as China, South Korea and
Malaysia.
Exports to China rose a massive 4,500 per cent on-year
over a low base. In fact, the sharp rise in exports to China saw its
share in India's primary aluminium export basket expand to 10 per cent
in the first quarter of fiscal 2021 from a mere 0.5 per cent in the same
period last fiscal.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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