Indian authorities prepare for case on copper import restrictions — Reuters

India’s government is preparing a response to a case on copper import restrictions filed by two trade groups. Authorities are expected to argue that domestic production meets the country’s needs and that there are plenty of suppliers. However, industry associations warn that such a move could hand three big local players a monopoly over the market, according to Reuters sources familiar with the matter.

As noted by Bombay Metal Exchange President Sandeep Jain, copper imports dropped 100,000 tons year-over-year from April through February. He attributes the slump to new rules forcing suppliers to get certification from Indian authorities.

Meanwhile, the nation’s copper demand could double by 2030. India currently produces 555,000 tons per year while importing another 500,000 tons. According to Reuters, the list of certified suppliers now includes ten foreign companies, seven of which are Japanese, and five domestic firms.