India's Copper Demand Surges 13% in FY24; Reaches 1,700 Kilo Tonnes

India's copper demand witnessed a 13% annual growth, reaching 1,700 kilo tonnes (kt) in FY24, driven by the rapid expansion of infrastructure and building construction, according to the International Copper Association India (ICAI).

In a statement released on Monday, the association highlighted that the building construction and infrastructure sectors traditionally account for 43% of copper demand, contributing 11% to the nation’s GDP.

A study conducted by ICAI revealed that copper demand grew 13% year-on-year in FY24, marking significant growth in the sector. This increase is attributed to broader economic expansion, with the average annual copper demand rising by 21% between FY21 and FY24 following the COVID-19 pandemic.

The association projected continued growth in copper demand in the upcoming financial year, spurred by accelerated developments in the infrastructure and building construction sectors.

The latest GDP data shows that the infrastructure and construction sectors recorded growth rates of 9.1% and 6.8%, respectively, in the first half of the current financial year.