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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: As China slams on brakes, commodity countries left reeling AFP - Sunday, December 14 SHANGHAI (AFP) - - When China hits the brakes, commodities exporters half a world away have to shift to a lower gear, as the rapidly deteriorating fortunes of the copper sector shows. The global financial crisis has impacted China's copper-wired construction industry, machine makers and electric appliance producers at an amazing speed, with demand at home and abroad crumbling abruptly. Just as precipitously, China, the world's largest consumer of copper, has passed on the misery to countries like Chile, its largest copper supplier. Chile's mines have cut production and laid off workers, leading to violent strikes in some parts of the country. "Business has fallen off a cliff," Simon Hunt, an independent UK-based analyst, said after recent visits to Chinese and other Asian copper firms. About 30 percent of China's copper consumption goes into exports, Hunt said. "The impact of these (global) developments on China's economy and its copper consumption will be dynamic," he said. World copper prices have more than halved to less than 1.50 dollars a pound after record highs of four dollars in July, as China's once-ravenous hunger for commodities has slowed and weakening demand abroad has hurt exporters. "As late as July, clients were calling, looking for assurance that China's copper demand would maintain strong growth," said Shi Lin, an analyst with British metal consultancy CRU. "Now everyone sees what happened." "Growth in China's copper consumption accounted for 80 percent of the world's overall growth. It's no surprise copper prices were impacted so much by weakening Chinese demand," he said. China's economic growth slowed to nine percent in the third quarter, the lowest level in five years, and the World Bank has predicted it will go down to 7.5 percent next year -- a 19-year low. Copper has been a key raw material in China's economic boom, and it consumes a quarter of the world's supply, importing about 80 percent of its needs. Chile provides a third of China's total demand. The drop in Chinese demand has led to copper projects in the South American country, such as Canada-based Quadra Mining's Sierra Gorda project, being shelved. Commodities such as zinc, nickel, iron ore, and aluminium, too, have seen their prices plummet. Anglo-Australian miner Rio Tinto said last month it slashed iron ore output at its Western Australia plants by 10 percent following a drop in demand from China. The company said Wednesday it would cut thousands of jobs globally. The world's largest iron ore producer, Brazil's Vale -- whose principal market is China -- also slashed production. The 2009 contract iron ore prices are expected to decline 35 percent as China's steel sector suffers an industry-wide loss following a fall in steel prices, according to China International Capital Corporation. Economists suggested demand for raw materials in China was not only dented by slowing industrial production, but expectations of prices falling even further, suggesting the worst may be yet to come. For example, copper will likely follow the economy. Australia's Macquarie Bank expects Chinese demand to slow to between six and seven percent growth, at 5.1 million tonnes for 2008, compared to nearly 18 percent in 2007. It could fall to between four and five percent in 2009, according to Bonnie Liu, a Shanghai-based analyst with Macquarie. Experts argue that Beijing's 586-billion-dollar economic stimulus plan was unlikely to boost copper prices anytime soon. "China's infrastructure spending spree by itself will not be enough to turn around the decline in major global commodity prices," Frank Gong, a Hong Kong-based economist with JP Morgan Chase said in a note. About a fifth of China's copper demand goes into construction, and the property market has also stalled, with prices rising only 0.2 percent on the year in November -- the slowest since monthly statistics began in 2005. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy 2 Volkswagen plants to suspend production in ChinaAP - 19 minutes ago China to step up bank lending in 2009 amid crisis: governmentAFP - 31 minutes ago China to increase supply of money to boost economyAP - 2 hours 16 minutes ago 'Decoupling' turns to myth as India growth story stumblesAFP - 2 hours 42 minutes ago Related Articles: Business 2 Volkswagen plants to suspend production in ChinaAP - 19 minutes ago S.Korea sets 10.6 pct rise in 2009 total spendingReuters - 27 minutes ago China to step up bank lending in 2009 amid crisis: governmentAFP - 31 minutes ago China to increase supply of money to boost economyAP - 2 hours 16 minutes ago 'Decoupling' turns to myth as India growth story stumblesAFP - 2 hours 42 minutes ago Enlarge Photo As China slams on brakes, commodity countries left reeling Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed US carmakers mull options as White House vows aid Actress Jennifer Aniston appears naked in GQ magazine Russia crowned Miss World 2008 in African event Rich and powerful top Madoff's fraud victims: report US Treasury ready to stave off auto sector collapse View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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