China’s refined copper demand is expected to marginally decrease by 0.3% to 13,884kt in 2022. This is mainly driven by the softer-than-expected demand in the first half resulting from the Covid lockdowns, coupled with the drop in the country’s building sector.
Despite the recent slowdown, China's demand is expected to return to growth in 2023. AME forecasts that China’s demand
to rise 5.0% to 14,537kt in 2023. This upward trend will continue into the
medium to long term but at a slower pace.
China's demand for refined copper is
expected to grow at a CAGR of 2.9% to 15,966kt in 2027. This is supported by
the continuation of infrastructure investments and robust manufacturing, and by
new growth sectors such as EV and battery production, and renewable energies.
China's 14th five-year plan, covering
the years 2021 to 2025, highlights high-quality green development and
emphasises innovation as the core of modern development. The plan prioritises
the “internal cycle”, by which the country aims to strengthen the domestic
economy and consolidate social development.