On the back of the revival of demand, the Indian foundry industry is expecting to increase total production of castings and forgings to 11 million mt in the 2017-18 financial year, up from an estimated 10.3 million mt in the previous fiscal year, an official at the Indian Institute of Foundrymen said on Monday, April 10.
The official said that there were around 6,000 foundries in the country with an aggregate annual production capacity of 13 million mt and the higher production is expected to be the result of higher demand led by the domestic automotive industry.
However, the official in question said that the export market would continue to remain flat and account for 15 percent of total domestic production of castings and forgings, while adding that increasing overseas shipments are challenging and Indian foundries are unable to be price competitive compared to the Chinese industry.