India's copper demand rises by 13% to hit 1,700 kilo tonnes in FY24

According to the International Copper Association India, India's copper demand surged by 13% annually, reaching 1,700 kilotons (kt) in FY24. The growth is attributed to rapid infrastructure development and building construction, which traditionally account for 43% of copper demand while contributing 11% to the country's GDP. Following the pandemic, copper demand grew at an average annual rate of 21% between FY21 and FY24, with further increases expected as infrastructure and construction continue to expand.

In the H1 FY25, the infrastructure and construction sectors grew by 9.1% and 6.8%, respectively. The rising demand for copper is in line with India's GDP growth, driven by investments from both public and private sectors, increased consumer spending, and advancements across key industries such as building construction, transportation, and industrial goods. Managing Director of the International Copper Association India, Mr. Mayur Karmarkar, stated that copper demand is poised to remain strong, particularly in sectors experiencing double-digit growth.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.