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Print[Ferro-Alloys.com] India's aluminum exports could rise 5 percent in the current fiscal year to 325,000 tonnes, despite a slowdown in global demand, a senior industry official said, as falling prices have led rival global producers to cut production.
Declining aluminum prices have forced major players such as Alcoa (AA.N) and Norsk Hydro (NHY.OL) to cut output and have prompted China, the world's largest consumer of the metal, and Japan to ramp up purchases.
"Due to the sudden closure of some of the smelters in the U.S.A., the export demand has slightly improved," Mukesh Kumar, president of Vedanta Aluminum Ltd, India's largest aluminum producer said.
Vedanta Aluminum, a part of billionaire Anil Agarwal-controlled Vedanta Group (VED.L), produces about 40 percent of the South Asian nation's total output.
Indian aluminum exports to South Korea, Japan and China are currently priced at a premium of USD 223- 230 per tonne above the LME benchmark, lower than the USD 240-260 premium from other countries, traders said.
Low costs and availability of better grades of inputs such as bauxite give Indian smelters an edge over other suppliers, but bureaucratic and environmental delays have limited the availability of coal, a major fuel for aluminum production.
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