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FTAs with copper-producing nations threaten domestic sector: Hind Copper

HCL is the only vertically integrated copper producer in the country

Press Trust of India  |  New Delhi 

The per capita copper consumption in the country is expected to rise to 1 kg by 2025, from the current 0.5 kg

India's with producing nations have posed a threat to the domestic industry, state-owned (HCL) has said, asking the industry to be innovative to meet future challenges.

"Import of finished is increasing over the years. Free trade agreements with copper-producing countries have posed a challenge to the Indian industry," Ltd (HCL) said in Annual Report 2016-17.

The market in India, the report said, is likely to remain positive with strong growth in key user segments, including power and construction.

On the back of improved economic activity in India, the demand for the metal is likely to grow at 6-7 per cent in coming years.

Such high demand, the company said, is an offshoot of increasing urbanisation, development of industrial corridors, smart city project, housing for all by 2022, national highway development and rail projects.

The defence production policy to encourage indigenous and ambitious plans of the government are also seen to drive the metal demand.

"In addition to this, there is a plan for corridor for transmission of renewable energy," said.

The per capita consumption in the country is expected to rise to 1 kg by 2025, from the current 0.5 kg.

The consumption figure for currently is 6 kg and the world average is 2.7 kg. Import of finished is on the increase over the years.

Three major players dominate the Indian scene - from the public sector and and from the private space.

is the only vertically integrated producer in the country. and have set up port-based smelting and refining plants at Dahej in Gujarat and Tuticorin in Tamil Nadu, respectively.

India has a total installed capacity of 9.9 lakh tonnes of refined production per annum.

Last fiscal, the mine ore production of was 3.85 million tonnes (mt) compared to 3.9 mt in 2015-16.

To increase output, has chalked out an expansion plan to ramp up mine production to 12.4 mtpa by 2018-19, from 3.2 mtpa.

First Published: Wed, October 11 2017. 15:52 IST