China's moves to restrain its economy would only slow its rate of growth, which would still remain at a high level, Bernd Drouven told a telephone press conference after the company posted a sharp rise in earnings on Friday. Copper demand from China is likely to remain strong despite the country's moves to slow growth to control inflation, the CEO of Europe's largest copper producer Aurubis (NAFG.DE) said on Friday.
In Europe, Aurubis' dominant market for copper products, the company is experiencing firm demand, he said. Product demand in the company's full business year ending on Sept. 30 is likely to be above the level seen in the previous year, he said. Europe's main copper product sales driver continues to be rod and cable, especially for the electricity transmission sector, he said.
The disruption of some Japanese exports to Europe following the earthquake disaster could generate more orders for European replacement supplies, he said. This could in turn generate more copper product demand from European manufacturers.
Spot copper treatment and refining charges (TC/RCs), the fees paid by mines and others to refine concentrate into metal, had risen to $120 a tonne and 12 cents a pound because of the Japanese disaster from $80 a tonne and 8 cents a pound before the earthquake, Aurubis said. Long-term TC/RC fees were also firm but below spot levels at $56 a tonne and 5.6 cents a pound.
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