India's copper concentrate imports remain stable in first 8 months of CY'24

India's copper concentrate imports totalled 684,311 tonnes (t) during the first eight months of 2024, reflecting a 1% y-o-y growth compared to 678,767 t in the same period of 2023. The consistency in volume underscores the country's reliance on imported copper to fuel its industrial growth.

India matches 2023 import volumes early

By August 2024, India matched its copper concentrate import volumes from the first eight months of the previous year. As import volumes in 2024 are now slightly higher than those of the corresponding period in 2023, projections suggest that India's total imports for the year will surpass 2023 levels. The final figures are expected later.

Cathode and anode imports vary

In January-August 2024, copper cathode imports stood at 205,622 t, slightly down from 207,705 t during the same period in 2023. In contrast, copper anode imports surged by 25% y-o-y in January-August 2024 to 167,712 t, compared to 134,157 t in the corresponding period last year.

Significant growth in imports from Indonesia

The stability in copper imports was largely driven by increased shipments from key suppliers, notably Indonesia, Peru, and Chile. India's imports from Indonesia surged nearly fourfold in August 2024 compared to July. For the first eight months of 2024, imports from Indonesia soared to 269,327 t, up by 84% y-o-y from 145,878 t in the same period in 2023. However, Indonesia's plan to halt copper concentrate exports by December 2024 may pose future supply challenges.

Shipments from Chile also increased by 6% m-o-m, and Peru's imports rose 5% m-o-m to 20,224 t. Canada re-entered the market, supplying 19,244 t in August after a five-month hiatus.

Concerns arise over import dependency

Nearly 99% of August 2024's copper concentrate imports were booked by a single major manufacturer, highlighting the concentrated nature of India's copper supply chain. Meanwhile, the dependency on a few global suppliers has raised concerns about the country's vulnerability to market volatility and supply disruptions.

Outlook

As India's copper industry continues to expand, copper concentrate imports are expected to rise in the near term. However, the country's growing reliance on imports may push the industry to explore increasing domestic production, which would require substantial investments in mining and smelting capabilities.