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lWhat is the outlook for Chinese copper supply, demand & pricing?

lWhat is the impact of China’s outlook on the global copper market?

l Exclusive surveys on operating rates at Chinese semis mills

The Chinese Copper Market– Prospects for 2012

NEW

In association with:

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The Chinese Copper Market – Prospects for 2012

Analysis and forecastsdown the full supplychain, from rawmaterials, throughsmelting, refining, semi-fabricating andend-use markets

Smelter operating rates,capacity additions andby-products analysis

Policy impact analysis

Unique and exclusivesurveys on operatingrates at China’s wirerod producers, cablemakers, tube/pipeproducers andplate/sheet/strip mills

Pricing: TC/RCs, scraprates, metal prices,arbitrage, premiums

Restocking, destockingor new inventorymanagement strategies?

NEW

Metal Bulletin Research haspartnered with one of the leadingauthorities on metal markets inChina to produce acomprehensive and in-depthstudy on the copper sector.

This study, The Chinese Copper Market –Prospects for 2012 provides unique andindependent research, insightful on-the-ground analysis and authoritative forecastson China’s copper market, and its impacton the broader global copper marketplace.

During the downturn in prices thatdominated the second half of 2011,copper saw its price remain more resilientthan the other base metals, never comingclose to threatening its marginal costs ofproduction. Whether it stays this way or itis pulled down in line with the other metalstrading around their marginal costs,largely depends on China.

China’s appetite, strategies and policieshold the key to the fate of the globalmarket – this year more than ever.

It is a year that starts with the Chineseeconomy in a slowdown and ends witha change of leadership, and has as abackdrop the threat of a globalrecession and global financial crisisemanating from the debt and bankingfiasco in Europe. Will China save theworld again?

Metal Bulletin Research and ShanghaiMetals Market have teamed up to publishan in-depth study, The Chinese CopperMarket – Prospects for 2012 thatprovides unique analysis and anindependent outlook on supply, demandand pricing in China’s copper andassociated markets.

For the full year of 2011, MetalBulletin Research secured a Top 4position on the leaderboard for theApex survey, the Metal Bulletinservice that tracks performance ofmore than 20 top base metal priceforecasters, with an accuracy rate of 95.9%.

The Chinese Copper Market – Prospects for 2012 is a timelystudy providing crucial analysis and independent forecasts.

Objectives of The Chinese Copper Market– Prospects for 2012 study:l To present detailed data and insights into China’s self-sufficiency in copper supply, from in-groundreserves and resources, to scrap collection, to smeltercapacity additions and utilisation;

l To discuss the outlook for China’s power, construction,appliance, electronics, and auto industries in 2012;

l To provide supply-demand balances and price forecastsfor the Chinese and global copper markets in 2012.

Why is this study essential reading?l Offers access to exclusive and authentic data;l Written by experienced individuals with industryknowledge in copper markets;

l Contains exclusive surveys conducted on the groundin China;

l Provides valuable industry analysis right down China’scopper supply chain;

l Presents detailed Chinese copper supply and demanddata for 2011 and forecast for 2012.

Structure of Chinesecopper consumption

China’s copper supply-demand balance

Power

Transportation

Household appliances

Electronics

Others

Construction

Source: SMM and Metal Bulletin Research

46%

11%

15%

7%

11%

10%

200

100

0

-100

-200

1500

1000

500

0

-500

-1000

-1500

Source: SMM and Metal Bulletin Research

Supply and demand balancePremiums or discounts

Charts are for illustrative purposes. Up-to-date data in the study.

To order please call the hotline +44 (0) 20 7779 7999 or email enquiries@metalbulletin.com

1 Overview

1.1 Overview of Macro Economy

Features of Economic Operation in Other Major World Economies 2011

Features of China Economic Operation 2011

Outlook of Global Economy 2012

1.2 Overview of Global Copper Industry

Overview of Global Copper Supply 2011

Outlook of Global Copper Supply 2012

Overview of Global Copper Consumption 2011

Outlook of Global Copper Consumption 2012

1.3 Overview of China Nonferrous Metal Industry 2011

2 China Copper Supply

2.1 Overview of China Copper Supply 2011

2.2 Structure Chart of Copper Industrial Chain

2.3 Raw Material for Copper Smelting

Copper Concentrate • Overview of China Copper Resources 2011• Overview of Copper Reserves and Distribution• Statistics of Copper Ores and Concentrates Output 2005-2011• Changes in China Self-Sufficiency Rate of Copper Ores and Concentrates 2005-2011

• Statistics of TC/RC 2009-2011• Negotiation on 2012 TC/RC

Scrap Copper• Overview of China Scrap Copper Market 2011• Changes in China Self-Sufficiency Rate of Scrap Copper 2011 • Proportion of China Scrap Copper Consumption 2011

2.4 Raw Material Structure of Copper in China 2011

2.5 Copper Smelting

China Copper Capacity 2011• China New-Added Crude Copper Capacity in The Future• China New-Added Refined Copper Capacity in The Future

China Refined Copper Output• Regional Distribution of China Refined Copper Output 2011• Changes in China Output of Refined Copper 2001-2011• Monthly Changes in China Refined Copper Output 2011• Introduction and Operations of China Major Copper Smelters

– Scales of China Major Copper Smelters– Introduction and Operations of Jiangxi Copper Group

• Output and YoY Changes at China Major Refined Copper Smelters 2011• Production Concentration Ratio of China Refined Copper • Planned Output at China Major Refined Copper Smelters 2012• Comparison of Operating Rates at Copper Smelters and Refined Copper Output 2011

• Comparison of Operating Rates at Copper Smelters 2011 and Copper PriceTrends 2011

• Forecast of China Refined Copper Output 2012

2.6 By-products of Copper Smelting

Introduction of By-products of Copper Smelting

Sulfuric Acid• Review of Sulfuric Acid Market 2011• Outlook of Sulfuric Acid Market 2012• Impact from Sulfuric Acid Prices on Copper Smelters

Gold and Silver • Review of Gold and Silver Market 2011

– Outlook of Gold and Silver Market 2011 – Impact from Gold and Silver Prices on Copper

3 China Copper Demand

3.1 Overview of China Copper Demand

3.2 Copper Processing Industry

Overview of Copper Processing Industry• China Output and Apparent Consumption of Copper Semis • Composition of China Copper Semis Output 2011 • Comparison of Operating Rates of Major Types of Copper Semis 2009-2011• Major Copper Processing Enterprises in China• Regional Distribution of China Copper Semis Production • Future Types Distribution of China Newly-Expanded Copper Semis Capacity • Future Regional Distribution of China Newly-Expanded Copper Semis Capacity

Copper Plates, Sheets and Strips• Brief Introduction of Application of Copper Plates, Sheets and Strips • Apparent Consumption of Copper Plates, Sheets and Strips 2005-2011 • Operation of China Copper Plates, Sheets and Strips Industry 2011

– SMM Exclusive Survey: Operating Rates at Copper Plates, Sheetsand Strips Producers 2009-2011– Statistics of Newly-Expanded Copper Plates, Sheets and StripsProjects – Substitute in Copper Plates, Sheets and Strips Industry

• Copper Plates, Sheets and Strips Supply and Demand and Development Trends 2011

Copper Pipe/Tube• Brief Introduction of Application of Copper Pipe/Tube• Apparent Consumption of Copper Pipe/Tube 2005-2011 • Operation of China Copper Pipe/Tube Industry 2011

– SMM Exclusive Survey: Operating Rates at Copper Pipe/TubeProducers 2009-2011– Statistics of Newly-Expanded Copper Pipe/Tube Projects – Substitute in Copper Pipe/Tube Industry

• Copper Pipe/Tube Supply and Demand and Development Trends 2011 • Introduction of Enterprise Operation: Zhejiang Hailiang Co., Ltd.

Copper Rod• Brief Introduction of Application of Copper Rod• Apparent Consumption of Copper Rod 2005-2011• Operation of China Copper Rod Industry 2011

– SMM Exclusive Survey: Operating Rates at Copper Wire RodProducers 2009-2011– Use of Scrap Copper in Copper Rod Industry– Statistics of Newly-Expanded Copper Wire Rod Projects– Substitute in Copper Rod Industry

• Copper Wire Rod Supply and Demand and Development Trends 2011

Table of contents

Copper Foil• Brief Introduction of Application of Copper Foil• Apparent Consumption of Copper Foil 2005-2011• Operation of China Copper Foil Industry 2011

– Statistics of Newly-Expanded Copper Foil Projects– Substitute in Copper Foil Industry

• Copper Foil Supply and Demand and Development Trends 2011

Overall Development Trends of China Processing Industry

3.3 Copper Demand from End-Users

Overview of Copper Demand from End-Users

Changes in China Copper Consumption Structure 2010-2011

Power Industry• Brief Introduction of Application of Copper in Power Industry • Current Situation of China Power Industry• Operation of China Power Cable Industry

– SMM Exclusive Survey: Operating Rates at Cable Producers 2009-2011– Introduction of Enterprise Operation: Tebian Electric Apparatus Stock Co., Ltd.

• Outlook of China Power Industry 2012

Home Appliance Industry• Air Conditioner Industry• Refrigerator Industry • Freezer Industry• Outlook of China Home Appliance Industry 2012

Construction Industry• Statistics of Climate Index of China Real Estate Industry 2009-2011 • Statistics of Investment in China Real Estate Industry 2009-2011 • Statistics of Growth of China Urban Fixed Assets Investment• Outlook of China Construction Industry 2012

Automobile Industry• Statistics and Analysis of China Automobile Output 2007-2011• Outlook of China Automobile Industry 2012

Electronic Industry• Statistics and Analysis of China Integrated Circuit Output 2007-2011• Analysis of Printed Circuit Boards (PCB) Industry • Outlook of China Electronic Industry 2012

3.4 Summary of Chinese Copper Consumption Forecasts 2012

4 Copper Imports and Exports

4.1 Copper Concentrate Imports

4.2 Scrap Copper Imports

4.3 Imports and Exports of Refined Copper

Refined Copper Imports • Overview of Refined Copper Imports 2011 • Trends of Refined Copper Imports 2005-2011 • Monthly Changes in China Refined Copper Imports 2011• Changes in SHFE/LME Copper Price Ratio 2011 • Analysis of Refined Copper Imports 2011 by Origin• Analysis of Refined Copper Imports 2011 by Trade Mode• Analysis of Major Refined Copper Importers 2011 • Negotiations on Annual Copper Import Premium 2012• Outlook of Imported Copper Market 2012

Refined Copper Exports • Overview of Refined Copper Exports • Trends of Refined Copper Exports 2005-2011 • Monthly Changes in China Refined Copper Exports 2011 • Analysis of Destinations of Refined Copper Exports 2011• Outlook of Exported Copper Market 2012

4.4 Imports and Exports of Refined Copper

2011 Imports of Copper Semis

Proportion of Imported Copper Metal Content in Copper Semis Consumption

5 Impact on Copper Industry Development fromRelated Policies

5.1 Import and Export Policies

5.2 Industry Policies

6 Review of Copper Market in 2011 and Forecast in 2012

6.1 Review and Analysis of Copper Market 2011

6.2 Copper Prices 2011 Analysis

6.3 China Copper Market Supply and Demand 2010-2011

6.4 Forecast of China Copper Market Supply and Demand 2012

6.5 Copper Market Outlook and Copper Price Forecast 2012

Appendix

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Other relevant Metal Bulletin Research publications include:• Base Metals: Weekly Market Tracker • Aluminium and Raw Materials: Weekly Market Tracker• Aluminium Sheet and Extrusion: Weekly Market Tracker• The Global Outlook for Aluminium in Transportation • Aluminium in MENA Outlook to 2020• The Ten Year Outlook for Alumina• A Five Year Outlook for China’s Aluminium Industry

• The Future for China’s Aluminium Fluoride Industry • The Global Aluminium Flat Rolled Products Outlook to 2020• The Global Recycled Aluminium Market Outlook to 2020• The Chinese Nickel, Ni Pig Iron and Stainless Market –Prospects for 2012

• Aluminium’s Future Under A New Power Market Paradigm:Costs, Location & Prices

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