India may become net copper importer in 5 years
India would become a net importer of copper in the next five years with domestic demand likely to double and exports to decline.
By PTI |
MUMBAI: India would become a net importer of copper in the next five years with domestic demand likely to double and exports to decline.
"Currently, India has a demand of 0.5 million tonne in the domestic market and the balance 0.5 million tonne are exported, but by 2012 local demand is likely to increase to one million tonne which will reduce exports," Sterlite Industries India CEO Kishore Kumar said today at the `India Copper Forum 2007' being held here.
At present, supply is more than demand but over the next five years, the scenario will change as the demand for copper will double, he said.
With no major new projects coming up and the mining process being very slow, supply would remain static while demand would grow, he added.
International Copper Promotion Council (India) (ICPCI) Chairman and International Copper Association's (ICA) Regional Director Peter Charlton said global demand of copper in FY06 was 22.3 million tonne, growing by 3 per cent over the previous year.
He added: "Growth rate in Asia was higher than the global rate."
Charlton said: "In the first three-four months of 2007, we see strong growth driven by Chinese imports and we do not see any reason why it should not continue."
"The growing economy of China is the key factor for sustainable growth," he added.
Describing copper as the most efficient metal, Charlton said as generating capacities and distribution systems were being increased, "we must use the latest energy efficient technologies to maximise the power availability."
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