China’s copper consumption in electric vehicles, charging stations, and the renewable energy sector may reach 1.2mn mt in 2025, accounting for 10pc of its total copper use, according to Fu Xiao, head of global commodities strategy at BOCI Global Commodities.
During her participation at the CRU World Copper virtual conference, Xiao said that demand for copper in electric vehicles (EVs) and charging stations will increase by 390pc to 540,000mt in 2025, from 110,000mt in 2020. By 2025, each EV is expected to use 80kg (176lbs) of copper and while charging stations will use 6.8kg of copper, Xiao forecasted. Moreover, in 2030, copper consumption is expected to reach 1mn mt, and 1.3mn mt in 2035, noted.
Additionally, copper demand to feed the Chinese renewable energy sector is expected to rise by 17.4pc 728,000mt in 2030, from 620,000mt in 2020, Xiao said. China’s unwrought copper and copper material imports rose by 11.7pc to 1.435mn mt in the first quarter, according to China’s General Administration of Customs data.