The metals demand in India may double in 5 years and remain robust for a decade, fueled by rising car sales and higher spending on infrastructure projects.
Barclays Capital said that compares with an average annual increase of 6% for aluminum and copper and 4.3% for zinc between 1972 and 2009r.
Barclays said that Mr Manmohan Singh PM of India has proposed USD 1 trillion of spending in the 5 years through 2017 to upgrade the nation’s road, railway and power networks which the finance ministry says shaves 2 percentage points from growth. Commodity demand in India has reached a tipping point and the nation may surpass the US as the second largest consumer of copper, aluminum and zinc in the early 2020’s.
The government’s statistics office said that India’s economy will probably grow 8.6 percent in the year to March, the most in three years. The nation expanded at 8.9 percent in the quarter ended September 30 compared with the 9.8% growth in the 3 months ended December 31 in China, the largest consumer of everything from copper to zinc and iron ore.
According to figures released by the Society of Indian Automobile Manufacturers, rising salaries and economic expansion pushed car sales in India to a record last month. Deliveries climbed 26% to 184,332 vehicles in January, the 24th consecutive monthly YoY increase.
Barclays said that aluminum demand in India may climb an average 8% per year between 2009 and 2030 predicting growth in copper and zinc usage at 8.6% and 8.5% each. In absolute terms, the country’s aluminum demand growth from 2009 and 2015 will be equal to Korea’s current consumption or twice Canada’s.
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