News Excerpt:
In the non-ferrous metal sector, primary aluminium production reached a record level of 41.6 lakh tonnes (LT) in FY 2023-24.
More details about the news:
- Globally, India ranks as the second-largest aluminium producer, third-largest lime producer, and fourth-largest iron ore producer.
- India continues to demonstrate robust growth in the production of key minerals such as iron ore and limestone.
- In FY 2023-24, iron ore production reached 275 million metric tons (MMT), while limestone production hit 450 MMT.
- The ongoing growth in iron ore and limestone production highlights the strong demand from user industries such as steel and cement.
- Combined with the growth in aluminium production, these trends indicate continued robust economic activity in sectors like energy, infrastructure, construction, automotive, and machinery.
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Aluminium
Significance of Aluminium
- Aluminium is a highly recyclable and environmentally friendly metal, with diverse applications in power, transportation, construction, and packaging sectors.
- Aluminium is the second-largest metal market globally, after iron and steel, encompassing bauxite extraction and metal processing.
Key drivers of aluminium
- Key drivers of aluminium demand include monetary and fiscal stimulus, a tight scrap market, economic recovery, and the green revolution.
- The metal is crucial in sectors like engineering, transport, construction, packaging, and consumer durables.
- In India, aluminium demand is concentrated in the electrical and electronics sectors, but is expected to rise with initiatives like Make in India, rural electrification, and infrastructure projects.
- Aluminium is favored over steel and plastic for its environmental benefits and widespread use across industrial and consumer sectors.
- It is essential in aerospace, power transmission, machinery, construction, and automotive industries.
- India has made strides in replacing copper with aluminium in power transmission, boosting demand.
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