SP Global reported that China will produce 8.85 million tonne of copper in 2019, up 4.8% on the year, while demand is seen up 3% at 11.5 million, generating a deficit of 2.65 million tonne which will be covered by imports, consultancy Beijing Antaike Information forecast. Antaike said that China will use 7.37 million tonne of copper concentrate for production, while usage of scrap is seen at 1.48 million tonne. The scrap volume is down from 1.58 million tonne in 2018 on tighter supply caused by scrap import restrictions since last year. Of the 7.37 million tonne of primary feedstock, around 76% will be imports. Chinese imports of copper concentrate are forecast to rise by 6% in 2019, with domestic concentrate up by 3%. The increase in local and imported concentrate supply will support the 4.8% growth in production. China will import less refined copper cathode, Antaike said, forecasting imports of 2.9 million tonne this year, down from 3.4 million tonne. Antaike’s forecast shows Chinese demand slowing. The 2019 demand growth forecast of 3% compares with 3.8% for 2018, and 4.2% in 2017.
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