Scrapex Banner
Author: 16 Apr 2012 Last updated at 08:52:58 GMT

Chinese Copper demand to grow by 6.5% in 2012: Chile's Antofagasta

BEIJING (Scrap Monster): Antofagasta, the Chilean mining company, projects Chinese copper demand to grow by6.5% in 2012, while anticipating copper prices to remain volatile but ultimately justifiedat a high level.

Perhaps more bullish were the company's expectation that Chinese copper demand will grow, stated that they “don't see any way Chinese(copper) demand will be under 6.5%, and that's quite conservative. Most likely growth will ebb in the second part of the year... but the most important is real consumption, and we see that growing in China,” Antofagasta added.


Antofagasta, offered some firmly upbeat projections for 2012. The company stated that it sees refined copper market being in a 150Kt deficit in 2012, which compares to our forecast for a278Kt deficit.

“This compares to our forecast for Chinese refined demand growth of 6.3% in 2012. In terms of copper prices themselves, the company stated that “volatilitywill continue as news on renewed European problems appear and obviously hit copper prices... But we see that things have calmed somewhat...We still see a market that justifies high prices,” Barclays also stated about Chinese copper demand growth.

In terms of production expectations, the company stated that they forecast production to reach 700Kt in 2012 following 640Kt achieved in 2011. The ramp-up of their greenfield Esperanz a project will be key to achieving that, with some concerns that ore hardness may prevent the 80Kt y/y growth target for the year at the project.

METAL PRICE CHARTS

GET PRICE CHARTS

Silver Scrap Price Charts

9ct Gold Scrap Price Charts

Platinum Scrap Price Charts

RELATED NEWS

Indonesia's scrap imports down 22% during Jan-Aug '14

November 25th 2014 03:02 AM
Indonesia's scrap imports down 22% during Jan-Aug '14
According to recent government statistics, Indonesian scrap imports declined significantly during the initial eight months of the current year

Scrap metal taken at Wysox town building

November 22nd 2014 04:24 AM
Scrap metal taken at Wysox town building
Pennsylvania State Police in Towanda are investigating the theft of scrap metal from the Wysox Township Building

Scrap exports by Hong Kong dropped slightly during Sep '14

November 21st 2014 03:01 AM
Scrap exports by Hong Kong dropped slightly during Sep '14
According to latest trade statistics released by Hong Kong, the scrap exports by the country declined marginally during

Australia's scrap exports dropped sharply in Sep '14

November 21st 2014 02:09 AM
Australia's scrap exports dropped sharply in Sep '14
The most recent trade statistics released by Australia indicates that the country's scrap exports plunged heavily during the month of…
Next Story