According to forecasts, China will produce 8.85 million tons of copper in 2019, which is 4.8% more than the year, while demand will increase by 3% to 11.5 million, which will lead to a deficit of 2, 65 million tons, which will be covered by imports, the forecast consulting company Beijing Antaike Information.
China will use 7.37 million tons of copper concentrate for production, while scrap use is estimated at 1.48 million tons. Scrap volume declined from 1.58 million tons in 2018 amid tighter deliveries caused by restrictions on the import of copper scrap from last year.
Of the 7.37 million tons of primary raw materials, about 76% will be accounted for imports. Chinese imports of copper concentrate are projected to grow by 6% in 2019, and domestic concentrate by 3%.
An increase in the supply of own and imported concentrate will boost production by 4.8%. According to Antaike, China will import less refined copper cathode, predicting imports this year at 2.9 million tons, compared with 3.4 million tons.
Antaike forecast shows a slowdown in demand in China. The demand growth forecast for 2019 at 3% is compared with 3.8% in 2018 and 4.2% in 2017.
