India’s per capita copper consumption is expected to increase from 0.5 kg to 1 kg by 2025. While infrastructure will spur demand growth of refined copper in the country other key drivers would include thrust on increasing urbanization, development of industrial corridors, smart city projects, housing for all Indians by 2022, National highway development project, Rail projects and Defense production policy to encourage indigenous manufacture, Hindustan Copper chairman Mr. Santosh Sharma said in his address during the company’s 52nd Annual General Meeting.
In addition to this, the evolving market will have a substantial impact on copper demand. The market for electric vehicles is expected to witness growth in coming years as government incentives continue around the world including India by reducing GST. It is projected that the demand for Copper due to electric vehicles is expected to increase by 1,700 kilotons by 2027. Another driver would be India's energy plan 2022-100GW solar, 32GW wind, 260GW thermal & nuclear, 62 GW hydro and plan for green energy corridor for transmission of renewable energy.
He said that during fiscal 2018-19 the demand for refined copper products in the country was around 7 lakh tonnes and is expected to grow at 9-10 percent in tandem with economic growth in the country.
World mine production is anticipated to grow by 1.9 percent in 2020. While it increased to 20.56 million tonnes by about 2.3 percent in 2018, it is forecast to remain unchanged in 2019. World mining companies have taken up capacity enhancement projects and global copper mining capacity is estimated to reach 25.9 million tonnes in 2021, with 20 percent being from the solvent extraction process.
Refined copper production is expected to rise by 2.8 percent in 2019, but is likely to be constrained in 2020 due to tightness in the availability of concentrates with growth being restrained to around 1.2 percent in 2020 technical upgrades/modernizations.
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