India Refined Copper Import Market -- HS 7403 Trade Data & Price Trend (Q2 2025)

India Refined Copper Import (HS 7403) Key Takeaways

India’s refined copper imports under HS Code 7403 in Q2 2025 were dominated by high-volume cathode shipments, with Japan supplying 88% of bulk volumes, reflecting heavy reliance on a single origin. The market surged to $452.93M in May before cooling in June, signaling volatile demand. Supplier concentration is extreme, with just one group controlling 99% of trade, creating pricing power risks. This analysis, covering Q2 2025, is based on processed customs data from the yTrade database.

India Refined Copper Import (HS 7403) Background

What is HS Code 7403?

HS Code 7403 covers refined copper and copper alloys, unwrought, including products like cathodes, wire-bars, and billets. These materials are critical for industries such as 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 import regime for HS Code 7403 maintains a 5% basic customs duty (BCD), with additional levies like a 10% social welfare surcharge (SWS) and 18% IGST, resulting in an effective duty of ~24.5% [seair.co.in]. Preferential tariffs under trade agreements, such as SAFTA, may reduce costs for certain origins. India's refined copper import reliance highlights its industrial demand, particularly for high-purity copper used in electronics and power infrastructure. Monitoring hs code 7403 trade data is essential for stakeholders to navigate duty structures and supply chain dynamics. (seair.co.in)

India Refined Copper Import (HS 7403) Price Trend

Key Observations

In Q2 2025, India's Refined Copper imports under HS code 7403 showed significant volatility, with values climbing to a peak of $452.93 million in May before retreating to $306.45 million in June. This performance highlights a quarter of strong but uneven growth in the India Refined Copper Import trend, driven by shifting market dynamics.

Price and Volume Dynamics

The hs code 7403 value trend exhibited a sharp upward trajectory from January's $8.16 million, rising steadily through March ($259.06 million) and into May's high, reflecting robust sequential growth that aligns with typical post-winter inventory builds and pre-monsoon demand cycles in the copper industry. However, the decline in June suggests a potential cooling off or inventory adjustment, indicating that the momentum may be easing as the quarter closed.

External Context and Outlook

Stable import policies, including a consistent basic customs duty of around 5% and an 18% GST rate as reported by [Seair], provided a supportive backdrop for this activity without introducing new trade barriers (Seair). This policy continuity likely facilitated the import surge, though the June dip could be attributed to broader factors like global copper price movements or domestic demand fluctuations, pointing to a cautious outlook for the coming months.

India Refined Copper Import (HS 7403) HS Code Breakdown

Product Specialization and Concentration

In Q2 2025, India's import activities under HS Code 7403 are overwhelmingly dominated by cathodes, specifically copper refined and unwrought in cathode form, according to yTrade data. This sub-code accounts for nearly the entire import value and weight, with a unit price of 38.33 USD per kilogram, indicating a high-volume, standardized product flow that defines the market's core.

Value-Chain Structure and Grade Analysis

The remaining imports under India HS Code 7403 trade data fall into two groups: basic refined forms like billets and other unwrought copper, and specialized copper alloys such as bronze and brass. Unit prices range widely, from 21.28 to 110.86 USD per kilogram, suggesting a market that blends fungible bulk commodities with more differentiated, higher-grade products, where alloys command premium pricing due to their specific compositions.

Strategic Implication and Pricing Power

This structure implies that suppliers of cathodes hold significant pricing power due to their market dominance, while importers may focus on alloy segments for higher margins. [Eximguru] reports import duties around 24.5%, which could pressure costs and make efficient sourcing critical for competitiveness under HS Code 7403 import strategies in India.

Check Detailed HS Code 7403 Breakdown

India Refined Copper Import (HS 7403) Origin Countries

Geographic Concentration and Dominant Role

Japan is the dominant origin for India's Refined Copper imports in Q2 2025, accounting for 88.28% of the value and 94.30% of the weight. The value share is slightly lower than the weight share, indicating that Japan supplies bulk, lower-grade Refined Copper, which is typical for commodity trade. With a frequency share of 22.57%, shipments are less frequent but larger in scale, aligning with bulk material logistics.

Origin Countries Clusters and Underlying Causes

The origin countries form two main clusters. First, the Bulk Suppliers cluster includes Congo (Kinshasa) and Congo (Brazzaville), with high quantity shares (11.45% and 4.44% respectively) but lower value shares, suggesting they provide raw or less processed copper. Second, the Frequent Shippers cluster features Italy and Austria, with high frequency shares (33.80% and 7.49%) but low weight and value, indicating small, regular shipments likely for specific grades or just-in-time supply chains in manufacturing.

Forward Strategy and Supply Chain Implications

India's heavy reliance on Japan for bulk Refined Copper imports poses a supply chain risk due to potential geopolitical or logistical disruptions. Diversifying sources, such as increasing imports from African nations like Congo, could reduce dependency. The stable import duty structure around 24.5% for HS Code 7403, as noted in customs sources, may influence cost considerations but doesn't directly shift partner shares, emphasizing the need for strategic sourcing to ensure stable supply for India's copper-dependent industries.

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

Get Complete Origin Countries Profile

India Refined Copper (HS 7403) Suppliers Analysis

Supplier Concentration and Dominance

According to yTrade data, the India Refined Copper Import supplier market in 2025 Q2 is highly concentrated. A single group of suppliers, responsible for nearly 99% of the total import value, dominates trade. This group handles the vast majority of both shipment volume and frequency, defining the typical trade as high-volume, high-value transactions.

Strategic Supplier Clusters and Trade Role

The profile of HS code 7403 suppliers indicates a commodity market driven by large trading houses. The dominant cluster includes firms like IXM S.A. and MARUBENI CORPORATION, pointing to an intermediated market where major traders control flows. The remaining clusters are marginal, with one handling infrequent but sizable shipments and the others dealing in very low-value, niche volumes.

Sourcing Strategy and Vulnerability

India's sourcing for refined copper relies heavily on a few key traders, ensuring stable supply but creating cost exposure to global commodity markets. The low diversity outside the core group means limited alternative sources for price negotiation. This structure aligns with the stable import duty regime noted in official sources [Seair], where tariffs around 24.5% remain consistent, emphasizing cost efficiency over supply risk mitigation.

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

Check Full Refined Copper Supplier lists

Action Plan for Refined Copper Market Operation and Expansion

Strategic Supply Chain Overview

The core of India's Refined Copper Import market is a bulk commodity trade. Price is driven by global copper index prices and the specific grade of material. Japan's dominance as a supplier creates significant geopolitical and logistical risk for the Refined Copper supply chain. The high import duty of 24.5% on hs code 7403 trade data adds constant cost pressure. This structure gives major suppliers strong pricing power and leaves Indian importers exposed to global market volatility.

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

• Use hs code 7403 trade data to identify and qualify new suppliers in Africa. Target origins like Congo to reduce over-reliance on Japan and mitigate supply disruption risks.
• Analyze unit price data for non-cathode products like copper alloys. Target these higher-margin segments within the India Refined Copper Import portfolio to improve profitability.
• Monitor shipment frequency data from key suppliers like IXM S.A. This allows for better inventory planning and helps avoid both shortages and costly overstock situations.
• Benchmark landed costs from different origins after calculating the 24.5% duty. This ensures total cost efficiency is achieved, not just a lower base price.

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 Q2?

India's refined copper imports surged to $452.93M in May 2025 before dropping to $306.45M in June, reflecting volatile demand cycles and potential inventory adjustments. The trend aligns with post-winter inventory builds and pre-monsoon demand shifts.

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

Japan dominates with 88.28% of import value, followed by Congo (Kinshasa) and Congo (Brazzaville), which contribute bulk but lower-value shipments. Italy and Austria supply smaller, frequent shipments for niche grades.

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

Prices range from $21.28 to $110.86/kg due to product mix: Japan supplies bulk cathodes at $38.33/kg, while alloys and specialized grades from Europe/Africa command premiums.

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

Prioritize cost efficiency with dominant traders like IXM S.A. for bulk cathodes, while exploring alloys for higher margins. Diversify sourcing to mitigate reliance on Japan.

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

Japan’s bulk dominance ensures stable demand, but niche suppliers (e.g., Italy, Austria) can leverage frequent, high-grade shipments. African origins offer growth potential for raw copper.

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

Primarily for industrial applications like electrical components and infrastructure, with cathodes serving standardized needs and alloys catering to specialized manufacturing.

Detailed Monthly Report

India HS7403 Import Snapshot 2025 APR

India HS7403 Import Snapshot 2025 MAY

India HS7403 Import Snapshot 2025 JUN