Hindalco’s Managing Director, Satish Pai, assured reporters by saying Indian aluminium makers are not going to downsize or diminish the usual aluminium production rate any time soon, even though their contemporaries worldwide decide to do so.
While addressing the reporters, Satish Pai narrated: “We are seeing enough demand in India, approximately 8-9 per cent rise for the ongoing financial year. We just can’t shut down capacities like that. Would like to watch out for LME prices for more than a year to initiate any such supply-related adjustment.”
After explaining the above reason, Satish Pai went on to discuss the LME price, which according to him, has approached a balanced quotient that will prevent further falls. Though the prices have a wide range of ups and downs, Satish Pai is positive that LME would not fall beyond the recently recorded rate.
To illustrate the universal situation, Satish Pai also added that the global aluminium community is busy curtailing their aluminium prices not because of supply-demand-related problems but because of the prevailing major economic uncertainties like the Russia-Ukraine dilemma, interest rate spike, recessional outcries and an impending energy crisis.
Satish Pai also assures that the worst economic conditions can be deemed as fables from the past since the Chinese economy will experience a healthier, recovering economy towards the second half of this financial year.
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