New Delhi [India], July 17 : India must act decisively to build functional copper reserves and leverage the metal's remarkable recyclability to secure its future economic and strategic interests, recommends the International Copper Association (ICA) India on the Copper Vision Document 2025.
According to the report, to build functional reserves, India must promote copper usage now, especially in government procurement and sectors like infrastructure, where copper can replace less critical metals such as aluminium. This will create an "above-ground mine" of copper that can be tapped in the future.
Currently, China refines over half of the world's copper, and the concentration of processing capacity in one region creates a significant vulnerability.
By building functional copper reserves, using copper now in infrastructure and products that can later be recycled, India can mitigate future supply risks. Additionally, nations like China, Japan, and those in the EU have successfully built large "in-use" copper stocks.
Projections indicate that copper demand in India is expected to grow 5.4 times by 2047, driven by traditional sectors such as building construction, infrastructure development and transportation.
On the recyclability side, copper is 100 per cent recyclable without any loss in quality, the report further highlights that, 95-99 per cent of India's annual copper scrap is reused. However, current recycling processes suffer from quality losses, pointing to a need for investment in advanced recycling technologies.
Retaining copper scrap within India and limiting its export can significantly strengthen our domestic material security.
The report suggests that as the economy grows and copper demand rises, expected to increase 5.4 times by 2047, such foresight will ensure that India is not left vulnerable to global market shocks.
India holds just 0.31 per cent of the world's copper ore reserves and contributing a mere 0.2 per cent to global production. Therefore, our dependency on importing copper ore from copper-rich countries at international prices is unavoidable, which adds to our import bill. Recycling copper scrap may partly offset this dependency on import of copper concentrate.
While India's immediate copper needs may not seem dire, the combination of rising demand and global supply chain vulnerabilities suggests that the risk profile of copper will only intensify.
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