Satish Pai, Managing Director at Hindalco Industries Limited, said that the demand for aluminum in India fell by 6% in the second quarter of this year due to slower economy, which obviously affected domestic companies and Hindalco's business.
He expected that aluminum demand will rise by 2% to 3%, while the overall demand for aluminum in the construction, infrastructure and automotive industries was still weak. In addition, although the domestic aluminum demand dropped, the import volume still occupied a lot, of which aluminum scrap accounted for more than half of the total imports, especially from China.
However, Hindalco's output and its production costs weren't impacted by the decreasing aluminum demand, said Satish Pai.
Hindalco: Indian aluminum demand falls in Q2 2019 on lower economy
18 Nov 2019 11:15 reported by Joy Liu
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