New Delhi: The proposed 50 per cent import tariff on copper announced by US President Donald Trump will not have any impact on Indian companies as the country is copper-deficient, according to an industry official. Also, Coal and Mines Minister G Kishan Reddy on Wednesday said India will discuss the impact of US tariffs on copper.
International Copper Association India Managing Director Mayur Karmarkar said, "India is a copper-deficient country, and its export, as such, is not significant. Again, of the total exports, the shipments to the US are just around 10,000 tonnes."
The proposed duty, as a result, will not have any impact on the Indian firms, particularly as the domestic demand is extremely buoyant, given India's thrust on renewable energy, EVs, and a host of other copper-intensive sectors, Karmarkar said.
US President Donald Trump on Tuesday announced 50 per cent tariffs on copper, after having implemented similar duties on steel and aluminium.
A vision document released by G Kishan Reddy on Friday forecast a sixfold increase in copper demand by 2047 and outlined plans to add 5 million tonnes per annum of smelting and refining capacity by 2030.
India remains a net importer of copper products throughout the entire copper value chain; hence, to meet the growing demand for copper, India needs to embrace strategic initiatives across the value chain, it stated.
In 2023, India imported 1 million tonnes of copper concentrate, with a significant portion of these imports coming from a handful of countries.
Indonesia stands as the top exporter, accounting for about 27 per cent of India's copper ore and concentrate imports, followed by Chile at 25 per cent and Peru at 14 per cent. Additionally, Panama contributes nine per cent of these imports. Collectively, these four countries are responsible for around 75 per cent of India's copper concentrate imports.
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