Indian Copper Demand Soars as Domestic Capacity Expands

India's copper demand is expected to reach 3 million tonnes by 2030, growing at a rate of 9.5-10% annually, outpacing GDP growth of 7-7.4%. The country's refined copper capacity will also increase, with new smelting capacity expected to improve domestic availability and reduce dependence on refined copper imports.

Hindalco plans to add around 300,000 tonnes of smelting capacity over the next 2-3 years, alongside rod-mill expansion. However, concentrate availability remains a key challenge for India's copper sector, with limited domestic resources and Hindustan Copper Ltd being the only primary copper mining company.

India currently imports around 0.3-0.5 million tonnes of refined copper annually, but this is expected to decline as domestic capacity ramps up. The country may shift from importing refined copper to increasingly importing copper concentrate as feedstock for domestic smelters.