Understanding the global dynamics of the refractory minerals market: Inside view from Almatis CCO Chuck Compson IM: What is your opinion on the current and future global refractory minerals market especially India and China, both from the supply and consumption sides? CC: The global alumina market is undergoing significant transformation, with India and China playing pivotal roles on both the supply and consumption fronts. In India, the economy is growing at an impressive pace, making it a key growth market for Almatis. The Indian government’s “Make in India” policy is expected to further accelerate this momentum, enhancing both supply and demand. India’s rapid urbanization and industrial growth are driving up demand across multiple sectors, especially the automotive industry. As the world’s third-largest heavy truck manufacturer and the fourth-largest car manufacturer, India’s passenger car market is projected to reach about $55 billion by 2027. Moreover, India’s electric vehicle (EV) market is set to gain significant traction, becoming the third-largest by 2025, after North America and Europe. These factors will inevitably lead to a surge in demand for refractory materials, particularly those produced domestically. China, on the other hand, continues to be a global superpower in refractory minerals production. Even today, India

Dr. J.N. Tiwari was the Head of Dalmia OCL’s Refractory Business and also ex Chairman of Indian Refractory Makers Association. He spent his lifetime in the development of Indian refractory industry and has wide grasp on the subject of refractory raw materials for running refractory units both in India & China. He is an alumnus of IIT-BHU and did his PhD from Sambalpur University. At present he is attached to TYK Corporation, Japan. IM: You have spent your entire career in the refractory industry. What is your take on the raw material situation of the industry esp. its China dependence? JNT: We are aware that bulk refractory is being consumed by steel industry so it will be pertinent to focus more on this with the contextual reference for other industries using refractory materials. 1. But for bauxite, the majority of refractories for steel in alumina segment are based on synthetic materials like fused or tabular or sintered aluminas. oxide being available in plenty in India and also alumina manufacturing is self dependent it can be presumed that if infrastructure for secondary manufacturing of illuminous is created they should not be shortage of raw materials for illumina based factory in steel