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Sterlite Copper closure cripples downstream industries-2019 China(Guangzhou)Int’l Non-Ferrous Metal（Copper）Exhibition
1/22/2019 有色金属展-Copper exhibition -non-ferrous metals expo |
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Deccan Herald reported that shutting down of Sterlite Copper, a Vedanta Group company, in Thoothukudi by Tamil Nadu government has led to a severe shortage of copper in India, forcing the country to import the commodity in large quantities since May last year. The plant’s permanent shutdown has also crippled the fertiliser and detergent industry with manufacturers being forced to buy raw materials from far-away Rajasthan, leading to financial losses. The Vedanta-owned Thoothukudi plant alone was supplying 38% of the country’s copper needs since the smelter had the capacity to produce nearly 4 lakh tonnes every year.
Many small-scale industries that are dependent on copper produced within the country have suffered losses since there was a huge gap between demand and supply of the commodity.
According to an industry estimate, as many as 400 small scale units dependent on Sterlite Copper have been affected.
The plant was also supplying Sulphuric Acid, which is the main raw material used to produce fertiliser and detergent products - major fertiliser manufacturers like SPIC, who was one of the key customers of Sterlite Copper, have now been forced to look for raw materials from other states.
Since May, the country has imported 202 kilotons of copper cathode, rods and wires from April to November 2018 in just seven months, while the import of the aforesaid commodities in the 2017-2018 fiscal was 215 kilotons.
An industry leader said that “Import of copper cathode, rods and wires in India for the current fiscal (April 2018 to March 2019) is expected to be 303 KT which is an increase of 41% in import of refined copper when compared to the previous year adding that the price has increased by USD 100 (approximately INR 7,100) per metric ton in the domestic market since the closure of the plant.
With the Supreme Court signalling the green light, Sterlite Copper hopes to restart operations of the Thoothukudi plant in two to three months from the day it is given access to the massive plant.
Mr P Ramnath, CEO, Sterlite Copper, told DH that “In order to propel the nation’s growth, our country should be self-sustainable on copper. Shortage of domestic copper will not only be a loss in forex reserves but also will be depicted as a vulnerability in the nation’s capability.”
有色金属展-铜材展-2019年广州国际有色金属工业（铜业）展览会
-2019 China(Guangzhou)Int’l Non-Ferrous Metal（Copper）Exhibition
-Non-Ferrous Metal exhibition, 2019
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