Sterlite Copper shutdown boosts cif India cathode premiums, imports

The prolonged shutdown of Sterlite Copper’s Tuticorin smelting and refining complex has driven up premiums for copper cathodes in India and increased demand for duty-free Japanese cathodes.

Premiums for grade A copper cathodes basis cif to major Indian ports were quoted at $95-105 per tonne over LME cash prices for the metal, a survey of market participants by Metal Bulletin showed.
Tuticorin, Sterlite’s 400,000-tonne-per-year refined copper smelting complex, has been shut since March and remains indefinitely closed under orders of the local Tamil Nadu government.

The closure of Tuticorin means India will likely switch from being a substantial net exporter of refined copper to one closer to balance this year, with consumers and Sterlite Copper themselves...

Published

Archie Hunter

May 31, 2018

14:30 GMT

London