In the June quarter, copper imports increased by 26% to 60,766 tonnes
In the first quarter of the current fiscal year, the country's copper imports increased by 26% to 60,766 tonnes.
In the first quarter of the current fiscal year, the country's copper imports increased by 26% to 60,766 tonnes (2021-22). During the same period in 2020-21, imports totaled 48,105 tonnes.
According to the data published by the International Copper Association (ICA), imports are likely to rise even more during the current fiscal year, as economic activity has increased as a result of the easing of Coronavirus-related restrictions across the country.
In fact, the association predicted that imports might reach 3 lakh tonnes during this time. The irony is that copper imports are increasing despite India's capacity to meet domestic demand. India imported 2,33,671 tonnes of copper in the fiscal year 2020-21.
Imports are predicted to be in the range of 2,95,000 to 3,04,000 tonnes in 2021-22, according to the organisation, with 26 percent to 30 percent growth expected during the current fiscal year.
The group noted that, until May 2018, when the Sterlite copper facility in Tamil Nadu shuttered, India had been one of the main exporters of the mineral for more than 20 years. However during the same year, i.e. in 2018, India became the net importer of copper for the first time after Sterlite's closure, it added.