India Cu demand potential
From MB's Asia Cu Week
India’s per capita use of copper is low at 0.5 kg. This compares with 4.6 kg in China and the world average of 2.4 kg, underlining the scope for growth in copper use in India. In this context, metals analyst Anirban Dasgupta points out that Rio Tinto copper chief executive Andrew Harding has highlighted recently that there is long-term increasing demand for the metal in China and India, with the two of them combined set to account for half of world demand for copper by 2020.
Hindustan Copper chairman KD Diwan says that key demand growth drivers for the metal in India will continue to be electrical, power and construction sectors. At the same time, as many leading international automotive companies have made India a major production hub and the demand for air conditioners, refrigerators and microwave ovens will continue to grow at a compounded annual growth rate of 15%, because of rapid urbanisation and a swelling middle class with high disposable income, the automobile and consumer durable sectors will need lots more copper.