Copper consumption to reach 7.3 mln tons in 2011 - industry official
Beijing. April 18. INTERFAX-CHINA - China will see a 6 percent rise in demand for copper this year, with total consumption expected to reach 7.3 million tons, a China Nonferrous Metals Industry Association (CNMIA) official announced April 17 at a Beijing conference.
China is the world's largest copper consumer.
Planned upgrades to the power grid in rural areas, as well as the central government's drive to increase affordable housing, will push up copper demand, director of the CNMIA's copper department, Duan Shaofu, said at the China Nonferrous Metals Industry Development Forum 2011.
"The equipment manufacturing and high-speed rail industries will also see an increase in copper consumption this year," Duan told Interfax.
According to Jia Yinsong, an official with the Ministry of Industry and Information Technology (MIIT), the development of the high-tech equipment manufacturing industry is a major focal point for China's 12th Five-Year Plan (2011-2015).
Refined copper output will grow 42.86 percent year-on-year in 2011 to approximately 5 million tons, Duan added. The price of copper, meanwhile, is expected to hit around $10,000 per ton.
- KHM
