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

9ct Gold Scrap Price Charts

Platinum Scrap Price Charts

Silver Scrap Price Charts

RELATED NEWS

Baotou Steel Rare Earth to Merge with Five Smaller Firms to Establish China North Rare Earth Group

December 16th 2014 04:38 AM
Baotou Steel Rare Earth to Merge with Five Smaller Firms to Establish China North Rare Earth Group
China's leading rare earth producer Inner Mongolia Baotou Steel Rare-Earth (Group) Hi-Tech Co. (BREG) will merge with five smaller rare…

Jobs go as scrap metal dealer shuts

December 12th 2014 09:56 PM
Jobs go as scrap metal dealer shuts
A scrap metal dealer headquartered in South Yorkshire and founded in 1982 has closed its doors

Newport News man accused in scrap thefts

December 12th 2014 09:46 PM
Newport News man accused in scrap thefts
A Newport News man whom police say stole more than $1,000 worth of scrap metal from a local business is…

Japanese H2 scrap average prices see marginal rise

December 12th 2014 05:12 AM
Japanese H2 scrap average prices see marginal rise
The average price of Japanese H2 scrap was slightly up during the second week of December
Scrap Item Price Unit
6061 Extrusions 0.80 $US / Lb
Old Sheet 0.70 $US / Lb
Al/Cu Radiators 1.60 $US / Lb
Old Cast 0.71 $US / Lb
6063 Extrusions 0.82 $US / Lb
Zorba 90% NF 0.72 $US / Lb
Next Story