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Vednata Tuticorn Plant Closure Contributed 66% of Global Copper Deficit - ICRA

Metal News - Published on Mon, 07 Oct 2019

Image Source: m.economictimes.com
Economic Times quoted rating agency ICRA in a report as saying that the closure of Vedanta’s copper smelter unit at Tuticorin is estimated to have led to a 66% deficit in global copper supplies between April 2018 and March this year. The unit, which has remained shut since May 2018, has a capacity of 0.4 million tonne per year. In India, the shutdown of Vedanta’s copper complex resulted in copper shortage and consequently, the country turned into a net importer of refined copper in 2018-19, from being a net exporter till the previous financial year. The report said that “The deficit, estimated at around 39% of consumption, is likely to expand to 43-45% in FY2020.”

Mr Jayanta Roy, senior vice president, ICRA said that “Global copper deficit during April 2018 to March 2019 was ~0.6 million metric tonne, indicating that the Tuticorin smelter closure contributed around 66% to the E23 global copper deficit.”

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Posted By : Rabi Wangkhem on Mon, 07 Oct 2019
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