Company: CHNR
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001079973-25-000827
Chunk: 81

Company: CHINA NATURAL RESOURCES INC
Filing Date: 2025-05-15
Form: 20-F
Item: Item 4
Chunk 81
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 durable metal that can be recycled many times without losing its mechanical properties. Copper’s properties of high electrical and thermal conductivity, together with good workability, allow it to be used in a wide range of applications, of which wire and cable and other electrical uses are by far the most prevalent. The primary uses of copper are in electrical and electronic products, the building and construction industry and, to a lesser extent, industrial machinery and equipment, consumer and general products and transportation.
 Copper is an internationally traded commodity, the price of which is established on commodity markets throughout the world. Traditionally, the price of copper is closely related to economic cycles and largely determined by supply and demand. China has relatively small copper reserves, yet has the greatest copper demand globally, so it relies on copper imports to meet that demand. Demand for copper in China and the U.S. plays a major role in global price determination. Global consumption of refined copper has increased annually, and the shortage of supply was reversed in 2024. During 2024, SHFE copper price fluctuated at relatively high levels as a result of complex interactions among various factors. The SHFE copper price saw strong gains in the first half of 2024, increasing from CNY68,750 (US$9,420) per ton to all-year high of CNY88,940 (US$12,187) per ton in mid-May, but then price declined notably before it stabilized since mid-August 2024. The closing price at the end of 2024 was CNY73,770 (US$10,108) per ton, representing an annual increase of approximately 7.04%.
 The following table shows the world refined copper production and usage over the past five years:
 
                                                  2020             2021             2022             2023             2024     
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World mine production (thousand tons)                20,743           21,223           21,911           22,368           22,983
World refined production (thousand tons)             24,621           24,900           25,272           26,502           27,486
World refined usage (thousand tons)                  24,948           25,259           25,857           26,604           27,348
China’s refined production (thousand tons)           10,025           10,487           11,063           12,988           13