The US move to impose tariffs on aluminium imports may not have considerable direct impact on Indian metal industry, aluminium manufacturers said.
The US move to impose tariffs on aluminium imports may not have considerable direct impact on Indian metal industry, aluminium manufacturers said.
The US decision to impose 10 per cent tariff on imported aluminium may not have significant direct impact on Indian aluminium industry, but it may have resultant impact due to increased availability of export volume for ex-America global market, Aluminium Association of India Chairman T K Chand told PTI.
Chand is also the Chairman and Managing Director of Aluminium major Nalco.
Vedanta Ltd, which is also a leading aluminium producer, said the company exports around 5 per cent, which is around 1,00,000 tonnes of its aluminium volumes, to the US market, hence the duties are not a game changer for it.
"Moreover, the market prices will adjust accordingly with higher premiums to reflect the higher cost of supply due to the 10 per cent duties," Vedanta Ltd Chief Sales & Marketing Officer (Global Aluminium Business) Jean-Baptiste Lucas told PTI.
"But, we obviously regret such unilateral decision in breach of WTO rules on a fast growing market, which will continue to be a large net importer of aluminium -- these additional costs will put an extra burden on our US customers that will ultimately make them uncompetitive," Lucas added.
Trump has last week signed two proclamations that imposed 25 per cent tariff on imported steel and 10 per cent on aluminium, a move that is likely to foment a global trade war.
Earlier on Sunday, China stepped up its criticism on proposed metals tariffs by Washington amid fears it could shatter global growth. Chinese Commerce Minister Zhong Shan said China does not want a trade war and will not initiate one.
"There are no winners in a trade war," Zhong said. "It will only bring disaster to China and the United States and the world."
However, China can handle any challenges and will resolutely protect its interests, he said.
China's metals industry issued the country's most explicit threat yet in the row, urging on Friday for the government to retaliate by targeting U.S. coal - a sector that is central to Trump's political base and his election pledge to restore American industries and blue-collar jobs.
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