India's copper demand will increase and is expected to double by 2030

On May 13 (Tuesday), to meet the demands of industrial and energy transformation, India's domestic copper demand is expected to double by 2030. Companies in India's copper industry include Hindalco Industries, Vedanta, Adani, and the state-owned Hindustan Copper.

It is estimated that India's copper cathode production is approximately 555,000 mt, and the country imports around 500,000 mt of copper annually to bridge the supply gap. Since the closure of Vedanta's domestic Sterlite copper smelter in 2018, imports have surged.

However, in December last year, the Indian government stated that the capacity expansion of Adani's smelter would meet India's domestic demand and reduce imports. It is expected to commence operations within the next four weeks.

Japan accounts for approximately two-thirds of India's copper cathode imports, followed by Tanzania and Mozambique.

Currently, there are 10 certified foreign copper suppliers, seven of which are Japanese companies, in addition to five certified domestic suppliers.