India's aluminum producers expect the government to address the protection measures including higher tariffs while the parliament is scheduled to make up a bill of budget next month, reported the Reuters.
India aluminum industry raised complaints at the lack of the government protection even though the industry is faced with the worsening competitive position because of the higher cost of production while the steel industry has been protected by tariffs and non-tariff barriers over the last three year. India has sufficient reserves of coal, but is one of the highest costs of coal thermo-electric power escalating the production costs of the aluminum industry which uses much electricity.
Meanwhile, the LME aluminum price hiked for the two days in a row, registering $1,746 a ton on a cash official basis, and $1,776 a ton for the three months on June 19 respectively. The summit between the US and China is seen holding next week, helping improve the investment confidence. The concern over the global supply in glut affects the aluminum prices downward. The United States Trade Representative Robert Lighthaizer and Treasury Secretary Mnuchin is known to have a meeting with Chinese Deputy Prime Minister Liu He for June 28 through 29 in Osaka, Japan before the G-20 Summit.
China President Xi told that he wanted to discuss the trade agenda at the G-20 summit, exchanging views on the basic issues that can help promote the relationship between the two countries with President Trump. The international aluminum market is in a serious oversupply status which is rampant around the regions other than China due largely to the supply problems occurred at Norsk Hydro and reoperation of Rusal. The aluminum values are hence in a falling mode impaced by slumped automotive production and higher tariffs on aluminum alike.
The LME stock of aluminum depleted 180,000 tons around in a month reaching about 1.03 million tons, and June readings of LME prices averaged $1,739.8 a ton on a cash official, down $21.8 and $1,769.5 a ton for three months, down $18.3 per ton each from a month ago.
Source: Steel&Metal News |
