印度Adani铜冶炼厂重启投料，长期供应合同面临风险 2025年6月19日，印度古吉拉特邦讯

基础金属	铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁
稀有金属	稀土稀土矿稀土氧化物稀土金属钕铁硼稀散金属锑铋铟锗镓硒钽锆贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒
新能源	锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

基础金属

铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁

稀有金属

稀土稀土矿稀土氧化物稀土金属钕铁硼 稀散金属锑铋铟锗镓硒钽锆 贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒

新能源

锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰 锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

印度Adani铜冶炼厂重启投料，长期供应合同面临风险 2025年6月19日，印度古吉拉特邦讯

2025-06-19 11:27:19 来源：北方有色网责任编辑：韩泽楷

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核心事件：反复延迟后终重启

据上海有色网（SMM）最新消息，印度阿达尼集团（Adani Group）旗下古吉拉特邦库奇铜业（Kutch Copper）冶炼厂在经历多次投料延迟后，已于6月16日重启投料生产。该冶炼厂设计年产能达50万吨，是阿达尼集团投资12亿美元建设的全球最大单体铜冶炼项目（分两期建设）的首期工程。

然而，此次反复推迟已引发严重后果——其与南美洲（主要为智利）签订的长期铜精矿供应合同面临取消风险。若合约终止，原料保障将受重大冲击，影响产能释放进程。

项目背景：战略布局与曲折投产

产能规模与规划
- 库奇铜冶炼厂一期产能50万吨/年，二期完工后总产能将达100万吨/年，旨在填补印度自2018年韦丹塔（Vedanta）旗下Sterlite铜厂关闭后的供应缺口（约40万吨/年）。
- 项目获印度国家银行（SBI）领衔的银团607.1亿卢比（约7.3亿美元）贷款支持，被列为印度绿色能源基础设施关键项目。
投产时间线
- 2023年7月：宣布计划于2024年3月投产。
- 2025年4月：阿达尼金属业务负责人Felipe Williams称“未来四周内启动”，并生产首批阳极铜。
- 2025年6月：经历两次延迟后最终投料。

市场挑战：逆风环境下的艰难起步

当前亚洲铜冶炼厂普遍面临负利润压力：

TC/RC（精矿加工费）跌至负数，主因全球铜精矿供应紧张。阿达尼高层坦言：“我们本希望在更有利的环境中启动，但必须面对现实”。
行业分析指出，印度铜需求预计从2023年的75万吨跃升至2027年的170万吨，但短期内冶炼企业需承受原料成本压力。

供应链风险：南美原料依赖承压

智利国家铜业公司（Codelco） 原定于2025年向阿达尼供应铜精矿，但反复延期已动摇供应商信心。
若南美长期合约取消，阿达尼需紧急转向现货市场采购，成本及供应链稳定性将面临考验。

行业意义：重塑印度铜业格局

减少进口依赖 印度目前仅有两家主要铜生产商（Hindalco和Hindustan Copper），2023年精炼铜进口量创纪录达18.1万吨。库奇项目满产后有望扭转这一局面。
绿色转型核心角色 铜作为光伏电动车及电网升级的关键材料，其本土产能扩张直接支撑印度能源转型目标。

未来展望：机遇与风险并存

长期潜力：印度政府数据显示，2024-2025财年前11个月精炼铜产量已同比增⻓7.1%（达49.7万吨），需求持续强劲。
短期挑战：阿达尼需尽快稳定生产，修复供应商关系，并应对负TC/RC环境下的盈利难题

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印度Adani铜冶炼厂重启投料，长期供应合同面临风险 2025年6月19日，印度古吉拉特邦讯

核心事件：反复延迟后终重启

项目背景：战略布局与曲折投产

市场挑战：逆风环境下的艰难起步

供应链风险：南美原料依赖承压

行业意义：重塑印度铜业格局

未来展望：机遇与风险并存

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