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Chinese copper imports to drop by 10% in 2016 on slowdown- 2016 China(Guangzhou)Non-Ferrous Metals Exhibition
11/17/2015 non-ferrous metals expo |
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Bloomberg reported that China is facing an unprecedented decline in refined copper imports as a slowing economy erodes demand in the world’s biggest consumer. Purchases have already dropped almost 4 percent to 2.55 million tonnes in the first nine months of 2015 from a year earlier
Mr Stephen Huang, chief executive officer of trading house Arc Resources Co which handles about one tenth of the country’s copper imports, said in an interview in Shanghai “Shipments will shrink 10 percent in 2016 as consumption weakens, domestic supplies increase and less metal is used for collateral in financing. We’ll see a substantial change in sourcing structure next year as users buy more from domestic producers and less from foreign suppliers.”
He said “China’s copper demand growth has peaked and rates of expansion will probably slow to about 2 percent annually in the next few years. The drop in purchases means that Chinese traders will probably import less copper next year under long term contracts.”
China is facing the slowest annual expansion in a quarter of a century as President Xi Jinping steers the country to a growth model based on consumer demand and services rather than state investment spending. Copper used in everything from power generators to wiring in homes has plunged more than 20 percent this year to its lowest since 2009 as China’s economy weakened.
Arc Resources was established in 2010. Sales last year were $7.9 billion and $9.3 billion in 2013, according to the company.
Refined copper production in China is climbing as the country processes more foreign ore amid high treatment fees and a global glut. Output rose 6.8 percent in the first 10 months from a year earlier and totaled 6.5 million tons, according to the National Bureau of Statistics. That’s sucked in more foreign ore and concentrates.
non-ferrous
metals- 2016 China(Guangzhou)Non-Ferrous Metals Exhibition 有色金属展-2016年第十七届广州国际有色金属展览会-巨浪展览
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