India’s aluminium consumption is expected to increase by around 18% in FY’24. Domestic demand is set to rise to around 9 mnt by FY’33. The main demand drivers are infra, auto, packaging, while light weighting applications in the auto sector and for EVs, as well as applications in the railways. In the absence of domestic scrap availability, ingot imports may rise. Notably, to keep export channels to geographies with carbon taxes wide open, usage of imported scrap and ingots with low embodied CO2 emissions may rise in the mid-to long-term.
