In 2011, the demand for Silver remained buoyant at around 980 million ounces, a 10% growth as compared to the previous year. The demand by fabrication has seen a growth of 10% this year, as a recovery in industrial uses and a robust growth in coins, investment and a modest rise in jewellery; but a decline in Silverware was witnessed due to losses in India on account of the price. Mine production rose by 5% and supply side (supported by higher Scrap supply) by 10% this year. Due to the higher investment demand and modest industrial growth, the Silver demand is expected to further rise in the next year. Average annual price for Silver in 2011 was $ 23.84 per ounce, up by 60% year on year.
The Indian demand for Silver was higher by 8% at around 3,120 tonnes in 2011, as compared to the previous year. Indian Silver demand is expected to grow on the back of prospective growth in electrical and other industrial segments, and Silver becoming a preferred investment asset along with Gold.
Industrial applications of Silver are mainly for brazing alloys, electrical contacts, high capacity Silver-Zinc or Silver-Cadmium batteries, printed circuits and other electronic applications. Other applications are jewellery, Silver plating, Silverware, photography, Dental alloys and more.
BALCO The global aluminium industry recorded a 12.8% growth in production and 16.7% growth in consumption during the year after a turbulent period. Globally the industry is facing the challenge of rise in costs and other input costs. This is also reflected in the increase in aluminium LME prices. Our major operations are located in Korba in the Indian state of Chattisgarh, where there are abundant bauxite and coal deposits. This underscores India's unique advantage of being rich in natural resources required to produce aluminium at a competitive cost.
The Indian aluminium market is dominated by growing demand from the power sector. Over time, the relative share of aluminium applications in other segments is expected to pick up with rapid urbanisation and construction sector growth.
Our focus is on value added products like wire rods, rolled product and billets to capitalise on market growth and optimise returns. We cater to key markets around the globe including the domestic market of India. We serve key markets located in South East Asia, South Asia, Middle East, and Europe.
Copper Mines of Tasmania (CMT) All the ore mined, is shipped to Sterlite Copper processes for preparation of its copper based products.
Customer Satisfaction SurveysTo gauge the overall satisfaction from our services offered to the customers, we periodically conduct customer satisfaction surveys. Customer satisfaction survey conducted at regular interval to understand customer feedback and corrective actions are made to address the requirements of customers. Surveys are also conducted by employing third party to remove bias in the feedback. This helps us in improving our delivery and standards in catering to our customer base.
Sterlite Copper The export market customer satisfaction survey is conducted once every two years. The company is in the process to obtain feedback from our export market customer base by September 2011, which will be reported in the next sustainable development report. Acid business customer satisfaction survey was conducted in June 2011 and will be covered in the next year's report.
In the reporting year, the survey was conducted in the domestic market amongst 142 customers as per their region. The overall Customer Satisfaction Index (CSI) came to 77.7 % favouring our performance. The rating criteria based on the enlisted parameters for assessment yielded the following results based on the average taken from the views/customer ratings collected from 142 customers. Each of the eight assessed parameters was rated out on 10 points.
HZL Customer satisfaction surveys are conducted at company level every 2 years at HZL. Senior executives make frequent visits to customers to get direct feedback on our products and services and other related issues. In terms of customer satisfaction, the marketing team maintains a forward looking approach in tandem with the global commodity pricing trends and customer demand assessment. Subsequently, the ISO 9000 guideline based Feedback schedule is followed for obtaining regular feedback in a periodic basis. This feedback is accumulated for sharing in management review based on which response is generated. Annual vendor and Customer Meet is organized for creating a platform for dialogue and grievance redressal which is mentored at the CEO level. The last two years information can be summarized in the form of 100% retention of customers.