Metal consumption to grow less than 10% in 2008

According to Mr Zhao Mingwang general manager of rod and wire sales at the nation's second biggest maker of the metal, Metal consumption may grow less than 10% this year in China which is slower than 2007.

He said that manufacturers of appliances and electronics account for 20% of copper demand in China. Slowing global economic growth and a rising yuan have sapped China exports growth, with shipments gaining at the slowest pace in four months in June. Copper for cash delivery gained 17% in 2008 raising costs for manufacturers. He added that "Small and medium sized companies such as air-conditioner makers were seriously hurt by a slump in exports."

Mr Zhao said that "Demand in the second half may improve because of a rebound in power equipment investment. The country's worst snowstorms in five decades in February delayed investment in power equipment in the first quarter, and demand may pick up in the second half. He said that half of China's copper demand comes from the power industry and another 15% is from transportation.¡±

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