Indian copper market growth outpaces China in 2022
Indian copper market growth outpaces China in 2022
Indian copper market growth outpaces China in 2022 New Delhi, Nov 18 (KNN) Outpacing China, India’s copper market is set to become the fastest growing markets in 2022 despite global slowdown, reported Reuters. Pent-up demand post the COVID-19 pandemic, rising income and a series of government policies have boosted consumption in India and helped its economy. This year from January-August, India’s refined copper consumption jumped 45% from 2021 to 435,466 tonnes. Overtaking 4% growth globally and a 5% uptick in China in the same period, as per World Bureau of Metal Statistics data. Satish Pai, managing director at metal maker Hindalco Industries told Reuters that Copper demand is back to pre-COVID levels. “We see a robust domestic growth trajectory driven by revival in housing demand, automation and shift towards e-mobility (including railway electrification and metros) and a strong pipeline of renewable energy and infrastructure projects,” he said. Copper's main consumers include the property sector, home appliance makers and green energy transition industries such as electric vehicles, solar and wind power plants. (KNN Bureau)