India Refined Copper Import Market -- HS 7403 Trade Data & Price Trend (Q1 2025)

India Refined Copper Import (HS 7403) Key Takeaways

India's refined copper imports under HS Code 7403 surged in Q1 2025, with values skyrocketing from $8.16 million in January to $259.06 million in March, driven by post-winter demand and stable import policies. The market is dominated by bulk refined copper cathodes (94% of import value), with Japan supplying 71.68% of shipments, creating significant dependency risk. Supplier concentration is high, with the top group handling 90.53% of import value, while niche opportunities exist in higher-value alloys. This analysis is based on cleanly processed customs data from the yTrade database for Q1 2025.

India Refined Copper Import (HS 7403) Background

What is HS Code 7403?

HS Code 7403 covers refined copper and copper alloys, unwrought, including cathodes, wire-bars, and billets. These products are critical inputs for industries like electrical manufacturing, construction, and automotive due to their high conductivity and durability. Global demand remains stable, driven by infrastructure development and renewable energy projects.

Current Context and Strategic Position

India’s refined copper imports under HS Code 7403 face a standard customs duty of 5%, with additional charges like a 10% Social Welfare Surcharge and 18% IGST, bringing the total duty to approximately 24.49% for cathodes [Seair]. No major policy changes were reported in Q1 2025, but India’s reliance on imports for refined copper highlights the need for market vigilance, especially given fluctuating global commodity prices. As a key player in base metal trade, India’s import trends under HS Code 7403 reflect broader industrial demand and supply chain dynamics.

India Refined Copper Import (HS 7403) Price Trend

Key Observations

India's Refined Copper imports under HS Code 7403 surged dramatically in Q1 2025, with values rising from $8.16 million in January to $259.06 million in March. This represents a quarter defined by rapid expansion in import activity, highlighting a strong start to the year for base metal inflows.

Price and Volume Dynamics

The India Refined Copper Import trend exhibited explosive sequential growth, with February imports jumping over 11 times from January's base, followed by a further near-tripling in March. This acceleration likely reflects post-winter inventory replenishment and increased manufacturing demand, as industries ramped up production after the slower holiday period. The hs code 7403 value trend demonstrates clear momentum building through the quarter, setting a robust foundation for subsequent periods.

External Context and Outlook

Stable import policies were a key enabler, with no major duty changes or restrictions reported in Q1 2025, as customs tariffs remained consistent around 24.49% including basic and additional duties [Seair]. This regulatory certainty, coupled with active trade flows from partners like Italy and Thailand, supported the surge. Looking ahead, sustained global demand and steady policy frameworks are expected to maintain positive momentum for Refined Copper imports into India.

India Refined Copper Import (HS 7403) HS Code Breakdown

Product Specialization and Concentration

According to yTrade data for Q1 2025, India's import under HS Code 7403 is overwhelmingly dominated by refined copper cathodes, specifically sub-code 74031100, which holds over 94% of the import value. This product, with a unit price of 31.32 USD per kilogram, functions as a bulk commodity due to its high volume and lower price compared to other items. An extreme price anomaly exists in sub-code 74032210 for bronze alloys, isolated at 775.41 USD per kilogram, which is excluded from the main analysis pool.

Value-Chain Structure and Grade Analysis

The non-anomalous imports break down into two main groups: bulk refined copper forms like billets and other unwrought products, with unit prices from 33 to 95 USD per kilogram, and copper alloys including brass and bronze, priced between 147 and 413 USD per kilogram. This split indicates that while the majority of trade involves fungible bulk materials linked to commodity indices, the alloy segment represents differentiated, higher-value goods with potential for custom applications.

Strategic Implication and Pricing Power

For businesses involved in India HS Code 7403 import, the heavy reliance on bulk cathodes means limited pricing power, as costs are tied to global copper markets. However, the alloy imports offer niche opportunities with better margins due to their specialized nature. HS Code 7403 trade data, combined with import duty structures such as a 5% basic customs duty and 18% GST as reported [seair.co.in], suggests that strategic focus should balance cost-efficient bulk sourcing with targeted alloy investments to optimize profitability.

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India Refined Copper Import (HS 7403) Origin Countries

Geographic Concentration and Dominant Role

Japan dominates India's refined copper import market in Q1 2025, accounting for 71.68% of the total import value. This value share slightly exceeds its 70.21% weight share, indicating a marginal preference for higher-grade material. The country's 9.68% shipment frequency further confirms its role as a bulk supplier of this semi-processed commodity, not a fragmented retail source.

Origin Countries Clusters and Underlying Causes

Two distinct clusters emerge beyond Japan. The first is a high-value group comprising Congo and Switzerland. Congo provides 11.77% of the import value from just 4.71% of the weight, signaling a source of premium, high-concentration material. Switzerland shows a similar but less pronounced profile. The second is a volume-driven cluster including Thailand and Austria. Thailand supplies over 20% of the weight for just 1.14% of the value, indicating large shipments of lower-value forms. A notable anomaly is Italy, which has an extreme frequency (33.93%) for minimal value and weight. This pattern is characteristic of returned goods or re-imports, likely representing reverse logistics of unsold inventory or quality rejects rather than new foreign supply.

Forward Strategy and Supply Chain Implications

India's refined copper import strategy for HS Code 7403 shows a heavy reliance on Japan for bulk, quality supply. This creates a significant dependency risk. The sourcing profile from Congo and Switzerland offers a path for diversifying into higher-grade material, which could mitigate over-reliance on a single partner. The high volume from Thailand presents a cost-effective alternative for bulk needs. The news context confirms the import duty structure remained stable in Q1 2025 [Seair], meaning these trade patterns were not driven by new tariffs. Therefore, the priority is to solidify relationships with secondary suppliers to build a more resilient and diversified supply chain for this critical industrial metal.

Table: India Refined Copper (HS 7403) Top Origin Countries (Source: yTrade)

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India Refined Copper (HS 7403) Suppliers Analysis

Supplier Concentration and Dominance

In Q1 2025, the India Refined Copper import supplier market showed strong concentration. According to yTrade data, the main supplier group, handling large and frequent shipments, dominated with 90.53% of the import value. This group also accounted for 75.53% of shipment frequency and 88.11% of quantity, pointing to a market where most trade involves regular, high-volume transactions. The typical import is characterized by substantial weight and value, with this group responsible for 93.32% of the total weight.

Strategic Supplier Clusters and Trade Role

The profile of HS code 7403 suppliers in the dominant group, including companies like PANDORA ALLOYS SRL and UNITED PRECIOUS METAL REFINING INC, indicates a direct-to-factory supply chain, as these are likely manufacturers or refiners. This suggests minimal intermediation in the trade. Other clusters play smaller roles: a group with high value but low frequency contributes 9.41% of value, possibly for specialized needs, while low-value groups have negligible impact, together making up only 0.06% of value.

Sourcing Strategy and Vulnerability

For Indian importers, heavy reliance on a few key suppliers offers stability but poses risks from potential disruptions. Strategic focus should be on securing these core relationships while exploring diversification to mitigate vulnerability. The news context supports this, noting that import policies for refined copper remained stable in Q1 2025 with no major changes [seair.co.in], reducing regulatory uncertainty. However, the concentrated structure highlights the need for contingency planning in sourcing.

Table: India Refined Copper (HS 7403) Top Suppliers List (Source: yTrade)

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Action Plan for Refined Copper Market Operation and Expansion

Strategic Supply Chain Overview

The India Refined Copper Import market is driven by two core price factors. Bulk commodity pricing for cathodes is tied to global copper indices. Specialized alloy pricing is driven by product specification and application complexity. The hs code 7403 trade data reveals a 94% reliance on this bulk segment.

This creates significant supply chain implications. Heavy dependence on Japan for bulk supply creates geopolitical and logistical risk. The concentrated supplier base, while efficient, increases vulnerability to disruptions. The Refined Copper supply chain is stable but lacks diversification, making cost control and security paramount.

Action Plan: Data-Driven Steps for Refined Copper Market Execution and Expansion

• Diversify your supplier base using hs code 7403 trade data to identify and qualify secondary partners in Thailand and Congo. This reduces over-reliance on a single origin and builds a more resilient supply chain against geopolitical or logistical shocks.
• Analyze shipment-level data to separate bulk cathode purchases from specialized alloy orders, managing them through different procurement strategies. This allows you to leverage commodity pricing for volume needs while protecting margins on high-value, custom alloy imports.
• Target the high-margin alloy niche by using trade data to identify end-users of specific copper alloys like brass or bronze. This enables direct engagement with specialized manufacturers, moving beyond low-margin bulk trading into more profitable, application-specific markets.
• Monitor shipment frequency and value patterns to quickly identify anomalies, such as the high-frequency, low-value imports from Italy indicating returned goods. This prevents inventory inefficiencies and helps distinguish between new supply and reverse logistics, ensuring accurate supply planning.

Take Action Now —— Explore India Refined Copper Import Data

Frequently Asked Questions

Q1. What is driving the recent changes in India Refined Copper Import 2025 Q1?

India's refined copper imports surged from $8.16 million in January to $259.06 million in March 2025, driven by post-winter inventory replenishment and rising manufacturing demand. Stable import policies and consistent tariffs further supported this growth.

Q2. Who are the main origin countries of India Refined Copper (HS Code 7403) 2025 Q1?

Japan dominates with 71.68% of import value, followed by Congo (11.77%) and Switzerland. Thailand supplies over 20% of weight but only 1.14% of value, indicating lower-grade bulk shipments.

Q3. Why does the unit price differ across origin countries of India Refined Copper Import?

Price differences stem from product specialization—bulk refined copper (e.g., Japan) averages $33–95/kg, while alloys (e.g., Congo) command $147–413/kg due to higher-grade, niche applications.

Q4. What should importers in India focus on when buying Refined Copper?

Importers should balance cost-efficient bulk sourcing from dominant suppliers like Japan while exploring premium alloys from Congo/Switzerland to diversify risk and improve margins.

Q5. What does this India Refined Copper import pattern mean for overseas suppliers?

Suppliers like Japan benefit from stable bulk demand, while Congo/Switzerland have opportunities in high-value alloys. Thailand’s role as a low-cost volume supplier remains critical for price-sensitive buyers.

Q6. How is Refined Copper typically used in this trade flow?

Refined copper is primarily used in industrial manufacturing, with bulk cathodes (94% of imports) serving commodity applications, while alloys cater to specialized sectors like electronics and automotive.

Detailed Monthly Report

India HS7403 Import Snapshot 2025 JAN

India HS7403 Import Snapshot 2025 FEB

India HS7403 Import Snapshot 2025 MAR