Aluminium International Today
Weak rupee encourages alumina exports in India
Edited by : AL CIRCLE
1 min read
National Aluminium Co (NALCO), based in Bhubaneswar, India, is planning to raise its alumina output by 19% and its alumina exports by 40% for this fiscal year, in a bid to increase dollar inflow into India’s weakening economy.
With the recent decline in the value of the rupee, Asia’s third largest economy is looking to boost exports and reduce imports of commodities such as gold. NALCO is India’s largest exporter of alumina, and its latest plans to increase alumina exports to 1.4Mt could raise roughly US$400m based on current prices.
This weakness in the rupee is making Indian products more competitive abroad, and has prompted other state owned companies, such as the Steel Authority of India Ltd, to raise their exports as well.
With the recent decline in the value of the rupee, Asia’s third largest economy is looking to boost exports and reduce imports of commodities such as gold. NALCO is India’s largest exporter of alumina, and its latest plans to increase alumina exports to 1.4Mt could raise roughly US$400m based on current prices.
This weakness in the rupee is making Indian products more competitive abroad, and has prompted other state owned companies, such as the Steel Authority of India Ltd, to raise their exports as well.
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