SME Times is powered by   
Search News
Just in:   • Committed to nurture next-gen innovation in 6G technology: Jyotiraditya Scindia  • Europe facing earlier, stronger heatwaves: Climate scientist  • India and Namibia sign two MOUs in fields of health and entrepreneurship  • PM Modi arrives in Delhi after concluding 'productive and successful' 5-nation tour  • ASEAN to keep on consensus, inclusivity: Malaysian official 
Last updated: 30 Oct, 2020  

Steel.9.Thmb.jpg Aluminium exports to China rises 10 pc in Q1

Steel.9.2.jpg
   Top Stories
» Committed to nurture next-gen innovation in 6G technology: Jyotiraditya Scindia
» Piyush Goyal holds talks with Malaysian minister on review of ASEAN trade pact
» India and OPEC have a unique and symbiotic relationship: Hardeep Puri
» SIP inflows hit all-time high in June, total AUM for equity MF at Rs 74.41 lakh crore
» India set to explore over 2.5 lakh sq kms area in one of largest offshore energy efforts
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.
 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
84.35
82.60
UK Pound
106.35
102.90
Euro
92.50
89.35
Japanese Yen 55.05 53.40
As on 12 Oct, 2024
  Daily Poll
Do you think Indian businesses will be negatively affected by Trump's America First Policy?
 Yes
 No
 Can't Say
  Commented Stories
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter