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New Delhi, Jan 24 () Aluminium prices on Friday edged up 1.84 per cent to Rs 143.85 per kg in futures market after speculators built up fresh positions amid positive trend in spot market.
 On the Multi Commodity Exchange, aluminium contracts for delivery in May gained Rs 2.60, or 1.84 per cent, to Rs 143.85 per kg with a business turnover of 12 lots.
 Analysts said fresh positions created by traders on positive demand from consuming industries mainly led to rise in aluminium prices. VHP SHW
SHW

Aluminium futures gain on spot demand

New Delhi, Jul 15 () Aluminium prices on Wednesday edged up 0.07 per cent to Rs 138.90 per kg in futures market after speculators built up fresh positions amid positive trend in spot market. On the Multi Commodity Exchange, aluminium for delivery in July contracts gained 10 paise, or 0.07 per cent, to Rs 138.90 per kg in a business turnover of 928 lots. Analysts said fresh positions created by traders after some demand from consuming industries supported aluminium prices. SHW RUJ RUJ

Aluminium futures up on spot demand

New Delhi, Apr 3 () Aluminium prices on Friday fell by 15 paise to Rs 134.05 per kg in futures market as participants trimmed their positions amid a weak trend in spot market.On the Multi Commodity Exchange, aluminium for delivery in April declined by 15 paise, or 0.11 per cent, to Rs 134.05 per kg in 4,152 lots.Analysts said cutting down of positions by participants on easing demand from consuming industries in the physical market mainly kept aluminium prices lower here. SHW RUJRUJ

Aluminium futures ease on low demand

As the Indian economy pushes forward to grow at 9 per cent and above over the next few years, a key challenge for the country would be to rebalance its energy needs in favour of renewable sources by 2030 to 50 per cent as per the Paris agreement. This is where the <keyword id="44891" type="General" weightage="80" keywordseo="aluminium" source="Orion">Aluminium</keyword> sector will play a greater than ever before role. Extensive growth in electric vehicles, renewables, modern infrastructure, energy efficient consumer goods and greater dependence on strategic sectors such as aerospace and defence, will drive Aluminium consumption to grow at CAGR of 10 per cent or more. For example, Aluminium usage in EV battery is 40-50 per cent more than a normal ICE. Being 3 times lighter than steel it aids in fuel efficiency making it an efficient choice for EVs. However, the Indian aluminium industry is struggling to revive itself over the last two years following the unprecedented Covid pandemic. The declining domestic producers market share with surging imports coupled with significant cost escalation for primary producers due to a rise in input costs of critical raw materials, escalating ocean freights &amp; logistics costs due to container shortage, current coal crunch situation etc, is restricting the industry's ability to support the future of the country at a time when India cannot rely on import sources alone to fuel this growth. To give relief to the sector, there is a need for urgently looking at the duty structure. The basic custom duty on Aluminium and <keyword id="1865776" type="General" weightage="50" keywordseo="aluminium-scrap" source="Orion">Aluminium scrap</keyword> is not in line with other non-ferrous metals like Zink, lead, nickel and tin which is a huge disadvantage for domestic Aluminium producers. The industry expects increase in tariff rate of basic custom duty or peak custom duty rate from existing 10 per cent to 15 per cent. Currently custom duty on Primary Aluminium is 7.5 per cent, Downstream Aluminium is 7.5 per cent to 10 per cent and Aluminium <keyword id="6374716" type="General" weightage="100" keywordseo="scrap" source="Orion">scrap</keyword> is only 2.5 per cent. This is the reason why despite having significant presence of primary Aluminium capacity and potential to generate sufficient domestic scrap, India's consumption of scrap is 100 per cent import dependent. The way forward is to increase custom duty on Aluminium srap from 2.5 to 10 per cent. Primary aluminium industry is facing severe threat from the increasing import of Aluminium scrap. The share of scrap in total imports increased from 52 per cent in FY-16 to 66 per cent in FY-21. resulting in Forex Outgo of $2 billion (Rs 15,000 crore). What is also affecting the Indian industry is China's renewed measures to restrict Scrap imports through National Sword Policy, which is leading to greater inflow of scrap into India. China imposed 25 per cent duty on Aluminium Scrap imports from USA, and classified Aluminium Scrap in restricted import list from July, 2019, with plan to completely ban all scrap and waste imports. Post that the share of import from the US in China's total Aluminium scrap imports has declined from 53 per cent in 2017 to just 16 per cent in 2019. India has overtaken China as world's largest aluminium scrap importer due to Chinese measures. As a result, entire global scrap chain is shifted to India in absence of any quality or BIS standards for scrap recycling/ usage and imports in the country. A major threat is from US scrap imports, as US is diverting large volume of scrap to India, since EU and other developed countries have stringent standards for scrap. The import from US as share of India's total scrap imports increased from 8 per cent in FY16 to 24 per cent in FY21. This precarious situation can be resolved by safeguarding the domestic industry against these non-essential imports in the upcoming union budget. The industry demands increasing the basic custom duty on Chapter-76 (Aluminium &amp; articles). SEE ALSO: <a href="https://www.businessinsider.in/budget/news/budget-2022-expectation-in-higher-standard-deduction-tax-slabs-and-covid-insurance/slidelist/88891751.cms">From higher standard deduction and change in tax slabs to clarity on Covid insurance, here’s what tax experts want from Budget 2022</a> <a href="https://www.businessinsider.in/budget/news/widening-tax-base-should-be-a-focus-area-in-the-union-budget-says-primus-research/articleshow/89093457.cms">Widening tax base should be a focus area in the Union Budget, says Primus Research</a>

Aluminum industry wants custom duty on scrap to be increased to 10% to protect domestic companies

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Markets Insider</div></div></div><ul><li><a href="http://markets.businessinsider.com/commodities/aluminum-price">Aluminium prices</a> have jumped to a near seven-year high on Tuesday as the impact of US sanctions against Russia continues to impact the global supply of the industrial metal.</li><li>Just under two weeks ago, the Trump administration announced <a href="http://www.businessinsider.com/trump-russia-sanctions-putin-loyalists-2018-4">sanctions on more than a dozen Russian entities</a>, including United Co. Rusal, the world's second-largest aluminium producer. Rusal has seen its share price plunge.</li><li>The news caused aluminium prices to skyrocket, and they have continued to do so over recent days, with Tuesday seeing a 5% rise in prices.</li><li>Prices have been further boosted by President Trump threatening to levy further tariffs on Russia as a result of the recent chemical weapons attack in Syria. Trump has condemned Russia and Iran for supporting Syrian President Bashar al-Assad.</li><li>Aluminium initially fell in March after President Donald Trump announced tariffs on Chinese steel and aluminium imports, but exempted Canada and Mexico from similar import taxes. </li><li><a href="http://markets.businessinsider.com/commodities/aluminum-price">You can track the price of aluminium with Markets Insider.</a></li></ul> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/long-term-rates-arent-going-much-higher-fed-hikes-equity-valuations-2018-4">A $700 billion investor dispels one of the market's most common myths - and explains what it means for your portfolio</a></h3> <div> </div> </div>

Aluminium jumps to a near 7-year high as Trump sanctions hit Russia

New Delhi, Feb 17 () GE and Vedanta on Monday jointly announced that they have entered into a pact to install the US-based firm's digital smelter solution at the latter's aluminium plant at Jharsuguda in Odisha for improving productivity. "GE and Vedanta Ltd's aluminium &amp; power business signed an agreement to implement GE's digital smelter solutions at its largest smelter in India at Jharsuguda in Odisha to significantly increase its operational efficiency and productivity," according to a joint statement. This will be the first such deployment of digital twin technology at any aluminium smelter in India and is part of Vedanta's long-term digital transformation initiatives, it added. The digital twin technology and advanced data analytics being deployed are expected to substantially reduce specific power consumption at the smelter. Typically, it said a 1 per cent reduction in specific power consumption based on digital smelter solutions can save about USD 4-5 million annually in the smelter potlines alone, for every 1 million tonne per annum (MTPA) of aluminium production. In addition, this digital solution is expected to improve raw material utilisation, increase smelter pot life, operational efficiency, safety and reduce wastage. "Being the largest producer of aluminium in India, with an extensive value-added product portfolio, this partnership with GE will help us enhance sustainability and bring in more predictability to our business," Ajay Kapur, CEO (aluminium &amp; power business) of Vedanta Ltd, said in the statement. Mahesh Palashikar, president &amp; CEO, GE South Asia, said, "We are proud to support Vedanta's efforts to drive operational excellence across its aluminium smelter plants which will include advanced data analytics to model plant assets and deliver process advisories to enhance business outcomes." KKS HRS

Vedanta to deploy GE's digital smelter solutions at aluminium plant in Odisha

New Delhi, Apr 1 () Jindal Aluminium Ltd (JAL) on Wednesday said that it has contributed Rs 5 crore to Prime Minister's Citizen Assistance and Relief in Emergency Situation (PM CARES) fund in order to help the government fight the coronavirus pandemic in India. "We are confident that India will conquer the COVID-19 crisis. In this exceptionally difficult period, we have made our humble support to the PM-CARES fund towards relief efforts," said Jindal Aluminium Ltd Chairman and Managing Director Sitaram Jindal. Prime Minister Narendra Modi had earlier announced an emergency relief fund and invited contributions from the citizens as the country continues to battle coronavirus or COVID-19. Jindal Aluminium Ltd is into the business of manufacturing aluminium extruded and flat-rolled products. SID SID ANSANS

Jindal Aluminium contributes Rs 5 cr to PM CARES fund

With no relief in sight despite coal stocks running critically low and production disruptions looming across the Indian aluminium sector, the Aluminium Association of India (<keyword id="47439" type="General" weightage="20" keywordseo="aai" source="Orion">AAI</keyword>) has approached the Ministry of Coal, urging the immediate resumption of adequate coal rakes for the highly power-intensive Aluminium industry. In its representation to the Ministry, the AAI has lauded the combined efforts by the Ministry of Coal and Coal India Limited in reviving domestic coal production, which has helped ease the coal supply crisis for the Power Sector. The steps undertaken by the Ministry increased the overall daily rakes dispatched from 242 rakes/day in September 2021 to 289 rakes/day in December 2021. This has drastically strengthened the coal stocks of the Power Sector to around 10 days, a marked improvement from a mere 2-3 days in the months of September-October last year. However, this has come at enormous cost to the <keyword id="629340" type="General" weightage="20" keywordseo="Captive-Power-Plants" source="Orion">Captive Power Plants</keyword> (CPP)-based industry and the worst impacted is the Indian aluminium industry, which continues to see depleting coal stocks of only 3-4 days, abysmally low compared to the prescribed level of 15 days for the sector. Struggling to cope with this prolonged crisis since the second quarter of this fiscal year, the AAI has now sought the Ministry's support to ensure adequate supplies to the CPPs by earmarking at least 25-30 coal rakes per day to ensure viable industry operations. The need for the CPPs is especially urgent, given that Aluminium production is a continuous process that requires huge volumes of uninterrupted quality power supply. This quantum can only be met only through the in-house CPPs set up by all the aluminium smelters plants to meet this specific requirement. Accordingly, the industry has established Captive Power Plants of 9,400 MW capacity (comprising 34 per cent of the cumulative thermal CPPs capacity domestically) to supply continuous power for Aluminium operations. Even though the Government has reiterated that there is now an improved availability of coal in the country overall, the non-availability of rakes for the non-regulated sectors remains a major concern. Curtailing coal supplies to Captive Power Plants (CPPs) has directly resulted in a coal crunch situation for the Aluminium Sector. Any power interruption in an aluminium smelting operation for more than 2 hours can lead to the freezing of molten aluminium within the smelting pots, which takes a minimum of 6 months to fix, and then almost a year to once again begin yielding the desired metal output, causing enormous production, cost and supply disruptions. With the continued crisis, it will take over a year's time to clear the backlog of rakes, and for the CPPs to build and maintain adequate coal stocks for sustainable operations. The crisis further aggravates with the last-minute cancellation of coal auctions for NRS, giving no relief for the domestic industry to secure coal for manufacturing and CPP-based industries. With the ongoing revival of the economy and increased post-pandemic industrial activity, the CPP-based industries are highly dependent on uninterrupted coal supplies which is vital for sustainable operations and the continued cost-competitiveness of power intensive industries vis-a-vis global players. Any production curtailment by this sector will have cascading effect on consumption and downstream supply chain, thereby adversely impacting the nation's GDP growth. The AAI representation has gone on to highlight that since August 2021, the Non-Regulated Sector has been facing uncertainties in securing sufficient coal rakes for continued operations, with supplies limited to just 40-50 per cent of the required coal. This has led to a backlog of over 6000 coal rakes as most of the available coal and rakes are being diverted to the Power Sector as "Priority Coal Supplies", even despite their coal inventory situation drastically improving. SEE MORE <a href="https://www.businessinsider.in/budget/news/budget-2022-nirmala-sitharaman-was-asked-these-10-questions-on-cryptocurrency-employment-inflation-in-india/slidelist/89280855.cms" data-type="tilCustomLink" style="">India’s finance minister was asked these 10 questions and these were her answers</a> <a href="https://www.businessinsider.in/business/startups/news/meet-maju-kuruvilla-the-new-indian-origin-ceo-of-fintech-startup-bolt/slidelist/89292220.cms" data-type="tilCustomLink" style="">Meet Maju Kuruvilla, the new India-orgin CEO of fintech startup Bolt</a> <a href="https://www.businessinsider.in/tech/enterprise/news/more-employees-are-leaving-tech-mahindra-than-tcs-and-wipro/articleshow/89291721.cms" data-type="tilCustomLink" style="">More employees are leaving Tech Mahindra than TCS and Wipro</a>

Coal shortage now at alarming levels, say aluminium producers

New Delhi, Jan 30 () Aluminium prices on Thursday fell by Rs 1.50 to Rs 140.50 per kg in futures market as participants trimmed their positions on low spot demand.
 On the Multi Commodity Exchange, aluminium for delivery in May declined by Rs 1.50, or 1.06 per cent, to Rs 140.50 per kg in 2 lots.
 Analysts said cutting down of positions by participants on easing demand from consuming industries in physical market mainly kept aluminium prices lower here. VHP RUJ
RUJ

Aluminium futures fall 1.06 pc on sluggish demand

New Delhi, Jan 12 () The aluminium industry has urged the government to reduce the basic customs duty on critical raw materials like aluminium fluoride, stating that high import duties are a huge disadvantage as they make Indian finished goods costlier and uncompetitive in the international markets.
 "To improve the cost structure of the Indian Aluminium industry and enhance competitiveness, it is requested to reduce the basic custom duty on the...critical raw materials," the Aluminium Association of India (AAI) said.
 In its suggestions to the government for the upcoming Union Budget 2020-21, the aluminium industry said the basic customs duty on raw materials like aluminium fluoride, caustic soda lye and green anode/pre-baked carbon anode should be reduced to 2.5 per cent from current 7.5 per cent.
 "The high import duties on raw materials is a huge disadvantage for domestic aluminium producers which are heavily dependent on imported raw materials. It results in Indian finished goods (getting) costlier and uncompetitive in international markets, rendering negative protection against cheaper imports of finished products, and discourages domestic value addition within the country," it said.
 AAI has also suggested to the government to increase import duty on "aluminium scrap (HS Code 7602)" at par with primary aluminium metal to 10 per cent from the present 2.5 per cent in a bid to encourage recycling of domestic scrap and restrict increasing scrap imports.
 The primary aluminium industry is facing severe threat from the increasing import of aluminium scrap, which constitutes around 58 per cent of the total aluminium imports in FY 2019-20, resulting in forex outgo of Rs 17,200 crore, it said.
 AAI has also asked the government to eliminate high cess on coal (Rs 400/MT) to support the power intensive industries like aluminium and retain competitiveness of the domestic industry.
 Finance Minister Nirmala Sitharaman will be presenting her second Union Budget on February 1. SID ABM
ABM

Aluminum industry urges govt to reduce basic customs duty on critical raw materials

New Delhi, Dec 4 () Union Steel Minister Dharmendra Pradhan has sought "personal intervention" of Commerce and Industry Minister Piyush Goyal to restart a Rs 100-crore project in his home state of Odisha.
In a letter, he has also asked his ministerial colleague to review the work done so far on the project to upgrade infrastructure at the Angul aluminium park in Odisha. The improvement project was dropped citing slow progress.
"Keeping in mind our government's commitment to developing the mineral sector in Odisha and boost state's economy, I request your personal intervention in directing concerned officials of your (Commerce and Industry) ministry to under take review of the work done...and restart the project for upgradation of infrastructure at aluminium park," Pradhan, who is also minister for Petroleum and Natural Gas, said.
Apprising Goyal about the project, he said under the Modified Industrial Infrastructure Up-gradation Scheme (MIIUS) notified by Department for Promotion of Industry and Internal Trade (DPIIT) a project for up-gradation of infrastructure at Angul aluminium park was accorded approval in August 2015 with an estimated cost of Rs 99.60 crore including a central grant of 33.44 crore.
An agency Angul Aluminium Park Private Ltd (AAPPL) was also constituted to implement the project.
"But the apex committee of MIIUS in its meeting held November last year has dropped the project due to slow progress and has directed AAPPL to refund the central grant," he said.
The minister has also made a request to restore the central assistance for the project.
 The Angul aluminium park, spread across 223 acres, is dedicated for downstream and ancillary industries in the aluminium sector.
The government has already received many investment proposals for the Aluminium Park in Angul and the project would create around 15,000 job opportunities, Pradhan said. ABI MR

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Aluminium futures gain on spot demand

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Aluminium futures up on spot demand

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Aluminium futures ease on low demand

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Aluminum industry wants custom duty on scrap to be increased to 10% to protect domestic companies

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Aluminium jumps to a near 7-year high as Trump sanctions hit Russia

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Vedanta to deploy GE's digital smelter solutions at aluminium plant in Odisha

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Jindal Aluminium contributes Rs 5 cr to PM CARES fund

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Coal shortage now at alarming levels, say aluminium producers

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Aluminium futures fall 1.06 pc on sluggish demand

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Aluminum industry urges govt to reduce basic customs duty on critical raw materials

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Pradhan seeks commerce minister's intervention to restart Rs 100 cr project in Odisha

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