Aluminium industry urges Jaitley to hike import duty

14 Sep 2015 Evaluate

Amid the flow of cheap imports from China, which can impact investments worth Rs 1.2 lakh crore, the representatives of the domestic aluminium industry have met Finance Minister Arun Jaitley urging him to raise the import duty on the metal. Primary producers are ruing that production cost of aluminium is around $2,000 per tonne, while prices at the London Metal Exchange (LME) have slumped to $1,600 a tonne. The government has asked the industry to provide the performance of various companies for it to study and to ensure whether a hike in import duty is really needed.

Aluminium industry can contribute to India's growth, but while domestic production costs are rising they are falling globally. According to data from the Aluminium Association of India, cheaper imports have badly impacted the domestic industry. The domestic capacity of 41 lakh tonnes an annum is currently operating at 50 per cent. Meanwhile, the market share of domestic manufacturers has dropped to 44 per cent in 2014-15 with imports nearly doubling to 15.63 lakh tonne from 8.81 lakh tonne in 2010-11.

India’s total imports mainly from China and Middle-Eastern countries have grown by more than 159 per cent to 1,563 kilo tonnes (KT) in 2015, compared to 881 KT in 2011.This led to imports accounting for 56 per cent of Indian aluminium consumption in 2014-15, while products of Indian producers account for only 44 per cent. Moreover, China, having more than 50 per cent of world aluminium production, is now exporting over 20 per cent of its products and their exports to India have surged by 200 per cent in FY15 as compared to FY11.

Primary aluminium producers -Vedanta, Hindalco and Nalco have invested around Rs 1.2 lakh crore to increase the production capacity from 2.1 million tonnes per annum (MTPA) to 4.1 MTPA by 2018-19 fiscal. But the falling price of the metal on the benchmark London Metal Exchange and rising imports have forced, Vedanta to shut down the rolling mill of group company BALCO and also to shut down its Lanjigarh alumina refinery process production stream, which lead to the Lanjigarh facility's output declining to half and impacting up to 2,000 jobs. In last three years, LME prices have come down by 35 per cent to $1,660 per tonne in June, 2015 from a peak of $2,555 a tonne in June, 2011.

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