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Vedanta aluminium maintains production guidance this fiscal
Vedanta has maintained production guidance of its aluminium arm at 1.2 MTPA this fiscal even as the firm faced a power shutdown at one of its plants.
The company led by billionaire Anil Agrawal said in a regulatory filing that "The current run rate of aluminium production is around 1 MTPA and the overall 2016-17 volume guidance remains unchanged at 1.2 MTPA."
Vedanta said that the commissioning of pots at the first line of the 1.25 MTPA Jharsuguda-II aluminium smelter was completed in July end 2016.
It said that "The first line was impacted by a pot failure incident due to a power shut down in early August, post which 168 pots were taken out of production. The impacted pots are currently being repaired and relined."
It added that regarding the power failure incident. The commissioning of the second line commenced in July with 65 pots commissioned till date, and this line will be ramped up in the next 3-6 months. We plan to start commissioning of pots at third line of the smelter in September 2016, well ahead of our earlier schedule of Q4 2016-17.
It further added that The 325 kilo tonne (KT) Balco-II smelter was successfully commissioned with all 336 pots operational in August and are expected to capitalised by October 2016.
Goyal supports MIP to protect domestic industry
Piyush Goyal, Mines Minister said that, he is in favour of imposing a Minimum Import Price (MIP) on the metal to protect the domestic industry.
Goyal said that the MIP should be similar to the one imposed by the government for the steel sector, which too has been grappling with similar dumping from China, Japan, and South Korea, among others.
He said that “My personal view is that an MIP on aluminium products should be imposed as I would like to protect the domestic aluminium industry. There is a strong case that dumping is happening and we need to correct it.”
He added that India cannot become a dumping ground for cheap imported products and goods. When asked about the ministry’s view, he said that “Well, you have to examine the merits and demerits of the matter. But this government is committed to saving the domestic industry from dumping of products by other countries.”
Goyal said that the ministry believes in a sustainable growth of domestic industry. We are examining all aspects and will take a decision on the matter in the near future. The Finance and Commerce Ministry, however, will take a final call on this.
On the report being prepared by the state-run consultancy firm Mecon on MIP for aluminium products, he said the report is basically on if an MIP is required for the aluminium sector.
On doubts being raised if it will lead to a conflict of interest, he said that “No, Mecon’s job is to only provide the facts. They are not giving any recommendations. Industry will provide the data and Mecon will compile them and present it.”
Recently, industry body Aluminium Association of India met Finance Minister Arun Jaitley and pitched for protective measures against cheap imports. Top officials from Vedanta, Nalco, Hindalco and Balco also made a case for imposing MIP on aluminium products.
Japanese company to set up aluminium paste unit in Butibori
Japanese company Toyo Aluminium KK has invested into an industrial venture in Vidarbha. It is billed to be the biggest manufacturer of aluminium paste has entered into a joint venture with Bhandara-based MMP Industries. The two plan to start a new manufacturing facility at Butibori.
However, the deal will lead to the Indian company known to be among major players domestically, shifting majority of its paste business to the fresh unit with Japanese partner. Japanese and Indian companies have come together forming Toyal MMP India Pvt Ltd, investing in a ratio 74% and 26% respectively. The new plant with an investment of Rs45 crore is expected to be operational by July 2017.