Hindalco Industries raises concern over surge in Chinese aluminium foil imports

On November 10, 2023, Satish Pai, the Managing Director of Hindalco Industries, raised alarms regarding the surge in imports of Chinese aluminium foil in India, a crucial material widely employed in the packaging of food and pharmaceuticals.

Satish Pai told the media in a post-earnings conference call, "We are noticing that China is dumping its product in Indian markets. Aluminium foil imports from China have gone up, and we are concerned."

In the previous year, Hindalco joined forces with Raviraj Foils and Jindal India and submitted an application on behalf of the domestic industry, requesting the extension of anti-dumping duties on imports of aluminium foil from China.

However, in 2021, the Finance Ministry released a notification, implementing an anti-dumping duty on imported aluminium foil with thickness ranging from 5.5 to 80 microns, specifically targeting shipments from China, Malaysia, Thailand, and Indonesia. This measure was introduced with the aim of safeguarding domestic producers.

Pai's remarks coincide with Hindalco's announcement of a consolidated net profit of INR 2,196 crore for the second quarter of FY23-24, falling short of market expectations. Despite the company's gains from declining coal expenses, Pai noted that coal costs in the upcoming third quarter are anticipated to be slightly higher than those in the second quarter.

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