• Holiday closures in Jan slow scrap collection in major exporting regions
• Buyers delay bookings ahead of Budget amid tariff change expectations.

India's copper scrap imports fell 27% m-o-m to 25,700 tonnes (t) in February 2026 from 35,000 t in January, marking the lowest level in nearly a year. The decline could be attributed to holiday-related slowdowns in major supplying countries, which temporarily constrained shipments to India.

Why did India's copper scrap imports plunge m-o-m?

Copper scrap imports usually slow m-o-m during February due to reduced activity in Western recycling markets. Many scrap yards and traders in Europe and North America scale down operations in January due to holiday closures, delaying scrap collection and shipments scheduled for February deliveries.

During this period, several key scrap-exporting regions operatedat reduced activity levels, affecting collection, processing, and export logistics. Thisslowdown quickly translated into reduced import volumesfor India.

Additionally, Indian buyers were also cautious ahead of the Union Budgetin February, as the market expected possible changes in import duties or tariff measures on copper. Due to this uncertainty, several traders delayed fresh bookings until policy clarity emerged.

Additionally, some suppliers fromAustralia, the Middle East, and parts of Africadiverted cargoes to Far Eastmarkets where buyers were offering higher premiums than in India. With exporters prioritising better-paying markets and Western suppliers temporarily less active, scrap availability for Indian buyers remained tight. Some buyers even paid higher premiums for lower-grade copper scrap from nearby markets such as Pakistan to maintain raw material supply.

India's cathode imports surge

Notably, with scrap availability tightening, Indian buyers shifted towards sourcing refined copper cathodes, resulting in a sharp increase in imports. India's copper cathode imports doubled m-o-m to 17,200 t in February from 8,600 t in January.

Shipments from China surged from 300 t in January to 8,000 t in February, an increase of over 2,500%, making the country the largest supplier of cathodes to India this month. The surge was driven by competitive pricing from Chinese smelters amid ample domestic refined copper availability.

Outlook

End-user demand is set to improvefrom April, which could lift procurement of copper products despite elevated freight and insurance costs. However,if logistics costs remain high, Indian buyers mayprefer sourcing copper cathodes if they are competitively priced.

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