Sterlite plant closure: India to remain net importer of refined copper in FY20


Sterlite plant closure: India to remain net importer of refined copper in FY20

With uncertainty looming large over the early reopening of Sterlite Copper’s smelter plant at Tuticorin in Tamil Nadu, coupled with increasing demand for the commodity from various sectors, India will continue being a net importer of refined copper during current fiscal of FY20. The refined copper production for the current fiscal is expected to decline further by 1.5% from FY19 level, said Care Ratings in its research report on Friday.

Domestic production of refined copper had grown at a CAGR of 9.6% during financial years 2015 to 2018 from 762,000 tonne to 848,000 tonne. Due to closure of 400,000 tonne per annum Sterlite Copper smelter, the production fell by 46.1% during FY19 to 457,000 tonne. The Tuticorin smelter, which had to be closed due to environmental concerns and death of 13 people in May 2018, accounts for 40% of the country’s copper smelting capacity. Read More

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