Hindalco Industries Ltd. , owned by Indian billionaire Kumar Mangalam Birla, is targeting a record $1 billion of aluminum exports by March 31 buoyed by rising US and European demand, people with knowledge of the matter told Bloomberg Businessweek.
Overseas shipments may triple to as much as 400,000 metric tons in the 12 months ending March 31 from the previous year, said two people, who asked Bloomberg not to be identified because they aren’t authorized to speak to the media. The Mumbai-based company had exported less than half the target as of the middle of last month, the people said.
The Indian aluminum cash price fell 0.7% on Wednesday, December 31 to INR 118.35 ($1.87) per kilogram, making it the day’s biggest mover. On the LME, the primary aluminum cash price inched up 0.3% to $1,833 per metric ton. On the LME, the 3-month price of aluminum declined 0.3% to $1,853 per metric ton.
Chinese aluminum prices closed flat for the day. The price of Chinese aluminum scrap showed little movement yesterday at CNY 12,600 ($2,032) per metric ton. The price of Chinese aluminum billet flattened at CNY 13,200 ($2,128) per metric ton after two days of downward movement. Chinese aluminum bar saw little change in its price yesterday at CNY 13,000 ($2,096) per metric ton. The cash price of Chinese aluminum saw little change in its price yesterday at CNY 12,990 ($2,094) per metric ton.