Import reliance for copper to ease, EV push to boost demand for the metal
After a few years of relentless surge, India’s copper imports may ease with new domestic capacities set to go on stream. India was a net exporter of copper for a very long time, but things changed following the closure of Sterlite’s 0.4 million tonnes per annum (MTPA) copper smelter at Thoothukudi in Tamil Nadu in May 2018.
Imports of the metal grew 184% to 0.22 MT in H1FY24 over H1FY23 on growing demand amid a supply deficit. According to government data, India’s refined copper consumption was 0.43 MT in FY18, which increased sharply to 0.7 MT in FY23. On the other hand, production fell to 0.55 MT in FY23 from 0.77 MT in FY18.
