21 Oct 2013 Last updated at 03:04:01 GMT
BEIJING (Scrap Monster) : China will outweigh rest of the world to become the world’s single largest consumer of base metals by year 2017, according to latest demand forecast report published by Wood Mackenzie research consultancy.
The report indicates that China presently accounts for 46% of the global base metals market. According to the research report, China will show significant growth in demand for all of the base metals-aluminium, lead, nickel, zinc and copper. The country will account for 52% of the global base metal demand by 2017, thereby becoming the single largest consumer of base metals.
Wood Mackenzie predicts the global base metal market to 122 million mt in the next five years from 96 million mt in 2013. With huge expansion in urbanization rates, the firm sees the Chinese commodity demand to remain buoyant at least until 2030.
According to Helen Matthews, Head of Base Metals Market Research, demand growth may slip into single digit, but in absolute tonnage terms there shall be significant growth over the next five years.
Author: Paul Ploumis