SHANGHAI, May 10 (SMM) – China’s refined copper cathode output is expected to slow further in 2017, Shanghai Metals Market predicted at SMM Intelligence Metals Seminar on May 9.
The Seminar was jointly held by SMM and Bloomberg during LME Asia Week in Hong Kong.
New capacities coming online decreased in 2016, and new capacities in 2017 will be mainly commissioned in the second half of the year, explaining the reason behind such a prediction.
China's copper smelting and refining capacity will increase to 7.70 million tonnes and 11.40 million tonnes, respectively, in 2017, SMM estimates.
At the Seminar, SMM also told the attendees that copper consumption during the traditional peak demand season has missed market expectation so far this year.
“Our recent survey finds orders from copper tube/pipe, plate/sheet, strip and foil are good, but demand from copper rod sector is dragged down by weak consumption in electric wire&cable industry and severe competition,” SMM analyst said.
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