 "No green nod for Sterlite yet, copper smelter to stay shut for now")
India’s largest copper smelter will remain shut for now as a local environmental court transferred a case over its closure to New Delhi, extending a month-long closure at the facility that meets half of the country’s copper demand.
[caption id=“attachment_736667” align=“alignleft” width=“380”] Govt ordered Sterlite Industries to shut its smelter in Tuticorin on March 30 after residents complained of emissions that resulted in breathing difficulties.[/caption]
Sterlite Industries smelter was closed on March 30, putting about 3,000 tonnes per day of copper concentrates onto the market and sending fees to process them to a five-month high in Asia. The company said high emission readings were likely to have happened when workers recalibrated sensors following two days of maintenance.
Justice M. Chockalingam of the National Green Tribunal said “circumstances did not permit” hearing of the case in the southern bench of the fast-track court as had been scheduled.
Output at the Tuticorin facility, which produces about 30,000 tonnes a month, half of which is exported to China, was halted after local residents complained of emissions that resulted in breathing problems.
The plant meets half of India’s copper demand and exports mainly to China. Further delays would exacerbate a tight domestic market, underpin global premiums for refined copper and enable Chinese smelters to charge higher processing fees.
The shutdown will cut copper supplies and conversely boost supply of copper concentrate. Some copper concentrate suppliers have already resold May and June shipments, a trading house source said, suggesting they expected a prolonged shutdown.
Impact Shorts
More ShortsMore refined copper supply cuts will come when Hindalco Industries’ Birla smelter shuts in May and June. Both plants produce around 30,000 tonnes a month and both export slightly under half of their production.
Reuters
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