According to a report by the International Copper Association (ICA) India chapter, India’s copper demand is forecast to rise by 13% year-on-year to 1.7 million tons in FY2024, driven by overall economic expansion. Notably, during the post-COVID period of FY2021-24, average annual copper demand grew by 21%.
The ICA India chapter highlighted an 8% growth in domestic cathode copper production and a 13% increase in net imports of various forms of copper.
Data from the association indicates that strong demand from the construction and infrastructure sectors continues to drive copper consumption in India. Traditionally, these sectors account for 43% of copper demand and contribute 11% to the GDP.
“This trend reflects robust copper demand, aligning with India’s GDP growth trajectory,” said Mayur Karmarkar, Managing Director of ICA India. “The growth is fueled by public and private sector investments, increased consumer spending, and two-digit growth in key industries such as construction, infrastructure, transportation, industrial, and consumer goods.”
Despite the steady rise in demand, domestic refined copper production has remained flat over the years due to the closure of Vedanta’s Tuticorin smelter. According to ICA data, India’s cathode copper production fell by 7% in FY2024, primarily due to major plant maintenance by Hindalco in Q1. Meanwhile, cathode copper net imports surged by 103% during the fiscal year, according to a press release.
Currently, India largely relies on direct smelting of scrap for copper production, leading to inconsistent copper purity levels due to the varied scrap types used. The implementation of the Copper Products Quality Control Order (QCO) is expected to address these issues in the long term by ensuring strict quality standards for copper used in India.
[Source – 上海有色网] 印度2024财年铜需求料增长13%至170万吨 https://news.smm.cn/news/103078787
