Satish Pai, MD of Hindalco, expressed concern over the rise in imports of Chinese aluminum foil

 Satish Pai, MD of Hindalco, expressed concern over the rise in imports of Chinese aluminum foil

In an application submitted on behalf of the local sector last year, Hindalco, Jindal India, and Raviraj Foils asked for the maintenance of anti-dumping charges on Chinese imports of aluminum foil.

In a conference call with the media after the company's results, Hindalco Managing Director Satish Pai said that they had seen China dumping its products into Indian markets.

On November 10, Hindalco Industries expressed worries over the increase in Chinese aluminum foil imports. Aluminum foil is widely used in food and pharmaceutical packaging.

In a post-earnings call with the media, Hindalco Managing Director Satish Pai said, "We are concerned about the fact that China is dumping its product in Indian markets." He also mentioned that imports of aluminum foil from China have increased.

To safeguard home manufacturers, the Finance Ministry announced in 2021 that imports of aluminum foil (thickness ranging from 5.5 micron to 80 micron) from China, Malaysia, Thailand, and Indonesia would be subject to an anti-dumping levy.

Hindalco, Jindal India, and Raviraj Foils submitted an application last year on behalf of the local sector to maintain anti-dumping charges on Chinese imports of aluminum foil. The Director of Trade Remedies (DGTR) conducted an inquiry, after which the government decided to prolong the anti-dumping duties for an additional five years.

Pai's remarks coincide with Hindalco's Q2 FY23–24 consolidated net profit of Rs 2,196 crore, which fell short of market projections. Although the corporation saw a reduction in coal expenses, Pai said that "Coal costs in Q3 will be slightly above Q2."

In addition, he said that government electrification initiatives and a surge in building and construction activity in the run-up to the elections were driving robust demand for copper and aluminum in domestic markets.

When asked about Novelis' third-quarter performance (in terms of the US fiscal year), Pai said, "Novelis’s Q3 will be decreased compared to Q2 due to maintenance shutdowns."