China’s copper demand will peak by 2030, says industry group
China’s copper demand growth will fade in coming years before topping out around the end of this decade, according to a state-backed government researcher, offering a potential counterpoint to bullish views on the metal’s prospects.
While Beijing Antaike Information Development Co. forecasts substantial growth in demand from the renewables sector, a key focus of copper optimists, it also sees an impact from a slowing Chinese economy and from buyers switching over to aluminum.
China’s demand growth in the five years up to 2030 will average 1.1%, down from 3.9% in the five years to 2025, Antaike analyst Yang Changhua said at the group’s conference in Wuhan. The copper intensity of renewables investment is falling as industries bid to reduce usage or find alternative materials, he said.
For the past half-decade, there have been a series of eye-watering forecasts for copper, largely resting on the idea that the world’s mines will struggle to keep up with a long demand boom. Prices reached a record earlier this year amid emerging signs of supply tightness.
Key risks to the “peak by 2030” forecast include the future strength of China’s manufacturing exports, or the relocation of factories overseas, Yang said. He didn’t give an outlook for global copper demand.
China’s combined consumption of copper from electric vehicles plus the solar and wind industries will rise to 3.1-million tons by 2030, Yang said. That will be 26% of the nation’s total demand, up from 15% in 2023.
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