Asia Copper consumption slows down except in China: Hindalco
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MUMBAI(Scrap Monster): The copper consumption in Asia except in China has slowed down, said Hindalco Industries chairman, Kumar Mangalam Birla. Mainland China is the major demand driver for Hindalco Industries' copper business.
“The aluminum smelters is being hardly hit by the power cost pressure but the treatment refined charges in 2011 is better than 2010. Indian economy is affected by domestic affairs and production has been curtailed by several producers in recent months,” he added.
India has recorded highest production in alumunium business. The company's copper business in India attained strong traction and all the major strategic expansions are on track.
To expand automotive leadership position Hindalco has entered China . The focus of the company is on consolidating metals portfolio in India. The consolidated capex for FY12 stands at Rs 13,802 crore.
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