According to Business Standard, the import volume of Indian aluminum finished products has increased by more than 50% year-to-date. The domestic market segment has shrunk rapidly, and there is no sign that this situation can be improved in the short term, which has seriously affected the domestic aluminum processing enterprise business in India.
The US-US trade war has led to a significant flow of aluminum products to India, while aluminum products from countries such as Vietnam, Malaysia, Singapore, Japan and South Korea that have signed a Free Trade Agreement with India are also exported to India.
Although there has not been a phenomenon of corporate closure, it is also on the verge of shutting down.
At the same time, the original aluminum producers also requested to increase the import tax on primary aluminum from 7.5% to 10%. Import duty on downstream aluminum products increased from 10% and 7.5% to 15% and 12.5%.