The aluminium industry is flying into rough weather. India's commerce ministry wants higher import duties to protect domestic producers. That may help but the metal’s problems are global.
Rising demand prospects and prices saw smelting capacity increase in recent years but it has turned into a problem of plenty. China’s slowing economy and uncertain global economic conditions are just a few worries.
Recently, China’s producers agreed to cut smelting capacity of 800,000 tonnes, adding to 3.2 million tonnes already curtailed in 2018, said Reuters. But sliding prices may necessitate more cuts.
India’s aluminium producers need prices to increase or input costs to decline sharply for performance to improve.
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Source: Moneycontrol
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