China's construction, power, transport, home appliance and manufacturing sectors are forecast to consume a total of 29.2 million mt refined copper in the 13th Five Year Plan period (2016-20), up 14% from the 12th Five-Year Plan period (2011-15), major Chinese copper producer Tongling Nonferrous Metals Group said in a report on its website Wednesday.
The rise is attributed to demand growth in the five sectors in the coming years, with the sectors accounting for more than 50% of mainland China's annual copper demand, according to the report.
In accordance with China's plans for the 13th Five-Year Plan period, the country will build a high-speed rail network in 2016-20, linking Lianyungang City, Jiangsu Province, East China and Urumqi City, Xinjiang Uyghur Autonomous Region, Northwest China, plus linking Beijing City and Hong Kong, with an extra high-speed rail distance estimated to total 11,000 km in the next five years, covering more than 80% of Chinese cities, according to the China Nonferrous Metals Industry Association.
The power industry is expected to be the biggest driver of China's copper demand in 2016-20, due to investment in clean energy, new energy vehicles, as well as building modern urbanization facilities, state-run metals consultancy Beijing Antaike told an industry seminar in March in Beijing.
China's refined copper demand in 2016 is forecast at 9.53 million mt, up 4.2% year on year, according to Antaike.
The Beijing agency forecast China's refined copper imports and exports in 2016 at 3.2 million mt and 220,000 mt, respectively, up 9.86% and 4.76% year on year.
It estimated China's national refined copper output this year at 7.95 million mt, up 7.29% year on year, with the domestic refined copper surplus expected to narrow to 1.4 million mt this year, from a surplus of 1.6 million mt last year.