India's copper import rises 26% in Q1; momentum expected to continue further: Report

#Business, #Commodities, #Copper, #Copper Import, #Economy, #International Copper Association, #Ministry of Commerce, #Sterlite Copper

Copper

India’s copper import which increased 26 percent to 60,766 tonne in June quarter of 2021-22 is expected to rise further in the remaining part of the financial year with economic activity witnessing a strong recovery from COVID-related restrictions, International Copper Association said.

Country’s copper imports may touch 3 lakh tonne as economic growth picks up momentum despite adequate domestic capacity to meet the rising demand, it said.

“In the first quarter of FY22, India’s copper imports shot up by 26 cent to 60,766 tonne from 48,105 tonne in the same period last year even as the nation was in the grip of second COVID wave with multiple lockdowns. “The demand for the crucial metal, which is a key input for multiple sectors, is expected to see a further rise in the remaining part of the financial year with economic activity witnessing a strong recovery from COVID related restrictions,” it said.

India ended the last financial year with copper imports of 2,33,671 tonne.

With 26-30 percent growth, imports are likely to be in the range of 295,000 -304,000 tonne for the current financial year, the association added.

“It is disheartening to see imports rising so steeply and other nations gaining at our expense even though we have adequate domestic production capacity to meet our domestic demand,” International Copper Association Director Mayur Karmakar said.
.

“We are witnessing a strong increase in imports of copper into the country. Even though the first quarter of this financial year had multiple lockdowns and various restrictions imposed across several states due to the second COVID wave, copper imports grew by a robust 26 percent as compared to the same quarter last year,” Karmakar said.

He said given the strong demand emanating from various sectors, copper imports may increase by 30 percent year-on-year between July and March.

“With the economy opening up and lockdown restrictions being eased in most parts of the country, we see a further spurt in demand as manufacturing and other sectors gain momentum,” he added.

Significantly, India was a net exporter of copper for close to two decades before the closure of Sterlite Copper plant at Tuticorin, Tamil Nadu in May 2018.

In the same year, India became net importer of copper for the first time. With rising demand from various sectors, the import figure is expected to increase every year even as domestic production is hardly witnessing any uptick.

According to Ministry of Commerce, India earned a net foreign exchange of USD 1.1 billion on account of export of copper in 2017-18. However, after the shutdown of Sterlite Copper’s smelter plant, India now incurs a net foreign exchange outflow of USD 1.2 billion due to imports of copper every year.

Further, India’s import of refined copper has benefitted China to a great extent. Prior to the shutdown of the Tuticorin smelter, India exported copper worth USD 2.1 billion to China in 2017. The same sharply reduced to only USD 532 million by 2020. During the same time, exports of copper to China from Pakistan and Malaysia increased by over USD 2 billion from 2017 to 2020.

In other words, the suspension of operations at the Tuticorin smelter has helped China reduce its import dependence on India by USD 1.5 billion.

Internet Explorer Channel Network
News Related

OTHER NEWS

India high cost environment for airlines; critical that AERA is empowered further: IATA official

Aviation India continues to remain a high cost environment for airlines to operate in and it is critical to empower the Airports Economic Regulatory Authority (AERA) further to safeguard the ... Read more »

Ethereum: The transformation that could see it overtake bitcoin

The world’s second most valuable cryptocurrency, ether, has been touching all-time highs in price ahead of a major upgrade of its underlying platform, ethereum. Ether is currently worth in aggregate ... Read more »

Russian fitness centers request landlords to reduce rent by 50% by year-end

Fitness restrictions with the use of QR codes were introduced in more than 35 regions at the moment; industry assets are closed in some regions, authors of the address said Read more »

Haryana to provide smartwatches to officials to track attendance

The GPS-enabled wristwatch costs around Rs 7,000- Rs 8,000 and the government agency has to pay for it. Haryana Chief Minister Manohar Lal Khattar announced that state government officials would get ... Read more »

Coronavirus Update | Active COVID-19 cases decline to 1,72,594

Russia on October 21 reported 1,036 coronavirus-related deaths in the last 24 hours as well as 36,339 new infections, both record daily highs. (Image: Reuters) India added 15,906 new COVID-19 ... Read more »

Crypto venue for bets on Trump, JLo and Covid faces US probe

WASHINGTON (BLOOMBERG) – It’s the go-to place for making crypto wagers on whether Donald Trump retakes the White House and Jennifer Lopez and Ben Affleck get engaged. It’s also under ... Read more »

EU climate chief puts off visit to Moscow, will meet with Russian delegation in Glasgow

In mid-September, Timmermans announced at a plenary session in the European Parliament that he was planning to visit Russia for talks on climate change in the run-up to the Glasgow conference Read more »

Tesla data storage contains more info than thought, Dutch researchers say

Photo: Depositphotos.com Investigators at the Dutch forensic institute NFI have succeeded in decrypting the data storage system operated by car maker Tesla, providing additional information that maybe useful to accident ... Read more »

First express train with vegetables, fruits to depart from Tashkent to Moscow in November

Kazakhstan, the country through which the train will travel, also joined the project, Deputy Prime Minister of Uzbekistan Sardor Umurzakov said Read more »

UItra-low interest rates ‘rip off' middle-class savers, Judy Shelton says

Judy Shelton says that “people on pensions” and those with deposits at the bank are “not getting any return.” Tom Williams/CQ Roll Call via AP Images Ultra-low interest rates combined ... Read more »

Uzbekistan, Russia to hold intergovernmental commission's meeting next week

According to Uzbek Deputy Prime Minister Sardor Umurzakov, the meeting will be held "in an absolutely new format," in particular media representatives will be able to attend it "from the beginning to the end" Read more »

China successfully launches satellite to test space debris mitigation technology

China successfully launched a new satellite on Sunday to test and verify space debris mitigation technologies. China successfully launched a new satellite on Sunday to test and verify space debris ... Read more »

Melbourne to ease more COVID curbs as 80% vaccination rate nears

Rank 10 | Melbourne, Australia | Score: 87.3 (Image: Wikimedia Commons) Melbourne, the world’s most locked-down city that emerged from its latest spate of COVID-19 restrictions on Friday, will see ... Read more »

SBI mega e-auction for properties on October 25: Check details

India’s largest lender State Bank of India (SBI) will conduct an electronic auction of mortgage properties for both commercial and residential properties. Bidders can bid for some home, plot or ... Read more »

How BioNTech went from a little-known biotech company to creating the Covid vaccine

It was Jan. 24, 2020 when BioNTech CEO Uğur Şahin knew that Covid-19 was likely to become a global pandemic.  Though it was over a month and a half before ... Read more »

Covid vaccine boosters are now available. Here's who's eligible for Pfizer, Moderna and J&J's shots

A patient receives their coronavirus disease (COVID-19) vaccine booster during a Pfizer-BioNTech vaccination clinic in Southfield, Michigan, U.S., September 29, 2021.Emily Elconin | Reuters Nearly 100 million people nationwide are ... Read more »

Biden has no answers to the nation's problems except for empty promises

President Joe Biden has no answers to anything, except for empty promises that he struggles to even keep straight. AP Name the crisis, and President Joe Biden and his team ... Read more »

MC Interview | 10-15% correction if Nifty closes below 17,900: Mazhar Mohammad of Chartviewindia

Mazhar Mohammad, Founder & Chief Market Strategist at Chartviewindia.in feels Bank Nifty is looking very interesting with new highs and a channel breakout which has opened up a higher technical ... Read more »

Moldova staged gas crisis, its debt amounts to $433mln - Gazprom

Spokesman for the Russian gas giant Gazprom Sergei Kupriyanov said that no politics can be seen in the crisis with gas supplies to Moldova, as Gazprom cannot operate at a loss Read more »

Dolfinarium does nothing to ‘protect' sea animals, advertising watchdog rules

Photo: Depositphotos.com Dolphin park Dolfinarium in Harderwijk can no longer use the slogan ‘Discover, Experience and Protect’ in its promotional material,  advertising watchdog Reclame Code Commissie has decided, Animals rights ... Read more »

Double boost for property stocks as China pledges support for homebuyers amid industry slump and Evergrande pays up

Chinese property stocks jumped in one of their best weeks this year after the banking industry regulator pledged to support first-time homebuyers with easier mortgage financing. Concerns about debt defaults ... Read more »

Hong Kong's buyers shrug aside leftover projects in their rush for small, cheaper homes as robust supply spoils them with options

Hong Kong’s weekend home sales were mixed, with buyers piling in after new launches and the smallest flats that require less upfront payments, giving their collective cold shoulder to unsold ... Read more »

Panic-stricken investors drive down Chinese developer Agile's bonds amid rumours about its ability to repay loans

Chinese developer Agile Group Holdings on Friday tried to reassure investors that it has enough money on hand to service debt, including off-balance sheet loans, after rumours drove down its ... Read more »

Why China's slow economic growth is a bigger headache than its energy crunch and Evergrande's debt crisis

China is having an eventful month, marked by power-supply disruptions and the debt crisis of the country’s second-largest property developer, Evergrande. What does this mean for China’s post-pandemic economic recovery? ... Read more »

Evergrande staves off default, paying US$83.5 million of overdue offshore bond coupon before 30-day grace period runs out

China Evergrande Group paid the US$83.5 million interest payment on its offshore bond, just before a 30-day grace period runs out for declaring it in default, as the world’s most ... Read more »

China will set up a property tax pilot plan, taking small steps after years of dithering to tame home prices for common prosperity

China’s legislature will enact a property tax in selected regions across the country, rolling out the pilot plan as part of a wider “common prosperity” programme to enhance housing affordability ... Read more »

Chinese developers' overseas spending spree dries up as Beijing tightens screws to restore order at home

Chinese developers, who were among the most active investors in overseas property markets, have seen their investments slump this year and they are likely to remain depressed for many years, ... Read more »

Sri Lanka seeks $500-million loan from India for fuel purchases amid forex crisis

Petrol and diesel prices differ from state to state depending on the incidence of local taxes. (Representative image) The Sri Lankan government said it is continuing efforts to secure a ... Read more »

COVID-19: Travel rules have changed again - what are they now?

Coronavirus travel rules have been relaxed for those returning to England, allowing fully vaccinated holidaymakers to take cheaper lateral flow tests instead of PCRs. Read more »

Over 102 crore COVID-19 vaccine doses administered in India: Govt

(Image: Reuters) Over 102 crore COVID-19 vaccine doses have so far been administered in the country, including more than 70 lakh doses administered on Saturday, the Union health ministry said. ... Read more »

COVID-19: Travel rules relaxed as cheaper lateral flow tests replace PCRs from today

The change comes ahead of the half-term holidays and offers a "huge boost to the travel industry", according to the health secretary, Sajid Javid. Read more »

Investors' wealth erodes by Rs 10.29 lakh crore in 4 days

Representative image Investors have lost over Rs 10.29 lakh crore in four days of market decline, with risk appetite dented by concerns over frothy valuations amid unabated selling by FIIs. ... Read more »

CIDCO to provide water connection to buildings sans OCs in certain pockets of Navi Mumbai int'l airport rehab area

Image Courtesy: Cidco CIDCO, the city planning agency of the Maharashtra government, has decided to provide water connection to buildings that are yet to obtain the Occupancy Certificate (OC) located ... Read more »

PhonePe withdraws petition against BharatPe's Postpe, to file fresh suit

The PhonePe app (Representative image: Twitter/@PhonePe_) Fintech major PhonePe has withdrawn its petition against BharatPe’s Buy Now Pay Later (BNPL) Postpe platform which had alleged violation of PhonePe’s trademark and ... Read more »

Cryptocurrency Prices Today on October 24: Bitcoin slightly falls, Ethereum surges over 2%

Cryptocurrency (Representative image) Cryptocurrency prices continue to be a mix of green and red on October 24. The global cryptocurrency market cap is Rs 191.25 lakh crores, a 1.10 percent ... Read more »

Petrol, diesel prices on October 24: Fuel rates increased for 5th straight day

Petrol and diesel prices differ from state to state depending on the incidence of local taxes. (Representative image) Petrol and diesel prices were increased for the fifth consecutive day to touch ... Read more »

Flybig, IRCTC enter pact for ticket booking

Newly launched airline flybig has entered into an agreement with IRCTC to facilitate travellers to book tickets for any of its northeast destinations through the latter’s ‘Air’ platform, an official ... Read more »

Terrorist incidents have declined in Kashmir since August 5, 2019: Amit Shah

Amit Shah On his first visit to Jammu and Kashmir since the revocation of Article 370 in August 2019, Union Home Minister Amit Shah on Saturday defended the Centre’s decision saying that it has ... Read more »

Centre asks states/UTs to increase coverage of second dose of COVID-19 vaccine

Almost 15 million Americans have received a dose of the J&J vaccine, and nearly 70 million are fully vaccinated with Moderna. (Image: AFP) The Centre on Saturday urged states/UTs to ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic