Shares of NALCO skyrocketed by 10% to their intraday high of Rs 241.75 on the BSE, followed by Hindalco shares, which surged by 5% to Rs 657.60. Meanwhile, shares of Vedanta went up by 4.5% to Rs 453.10.
China’s move to cancel or reduce the longstanding tax rebate for its export-driven aluminium industry triggered a sharp rally in aluminium prices on the London Metal Exchange on Friday. This strategic decision aims to address the excessive supply of Chinese aluminium in global markets, a recurring issue that has fueled trade tensions with the US and Europe.
China exports significant amounts of aluminium in the form of semi-finished products, which has been a source of trade tensions with Western economies. These exports, covering a variety of aluminium products like pipes, plates, sheets, and strips, benefit from tax rebates of up to 13%.
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The announcement had also triggered a jump in aluminium prices on the London Metal Exchange as traders anticipated it may curb a heavy flow of Chinese aluminium abroad.
The news also contributed to a sharp rise in U.S. soy oil prices as it appeared Chinese used cooking oil would be covered by the changes. Chinese shipments of used cooking oil to the United States and Europe for use in biofuel have challenged locally produced feedstocks like soy oil.
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