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Copper November 21, 2017 02:30:29 PM

ICSG Announces Publication of November 2017 Copper Bulletin

Paul Ploumis
ScrapMonster Author
World refined copper production remained essentially unchanged during the initial eight-month period of 2017. The primary production recorded 1.5% decline during the period.

ICSG Announces Publication of November 2017 Copper Bulletin

SEATTLE (Scrap Monster): The International Copper Study Group (ICSG) has released the preliminary copper data for August this year in its recently published November 2017 Copper Bulletin. The world copper mine production has declined by around 2.2% during the first eight months of the current year. The refined output held steady during this period. The apparent usage of refined copper too remained unchanged, ICSG data said.

Market Balance

The refined copper market balance for the first eight months through August this year indicates an apparent production deficit of around 50,000 metric tonnes, mainly on account of stagnant growth in world refined copper supply.

Refined Copper Output

World refined copper production remained essentially unchanged during the initial eight-month period of 2017. The primary production recorded 1.5% decline during the period, whereas the secondary production increased considerably by 10%. India and China recorded 8% and 6% growth in refined copper production. Some EU countries too contributed to the growth. On the other hand, the production by Chile declined sharply by 10% during Jan-Aug ‘17. The output by the US and Japan too dropped sharply by 9% and 3.5% respectively during this eight-month period.

On regional basis, refined output by Asia and the Europe increased by 4.5% and 4.0% respectively. The output by the African region witnessed 2% decline. Meantime, the refined copper output by Americas and Oceania region declined by 9% and 8% respectively.

Copper Mine Output

The ICSG data indicates that world copper mine production recorded 2.2% year-on-year decline during the first eight months of 2017.

The labor strike at Escondida mine and reduced production volume from Codelco mines led to 5% overall decline in copper mine output by Chile. The concentrates production by Argentina reduced by almost half. Lower grades also resulted in 19% and 18% decline in concentrates production by Canada and Mongolia respectively. The Indonesian ban on concentrate exports led to 15% decline in production by the country. The US reported 11% decline in output, mainly on account of lower ore grades, reduced mining rates and harsh weather conditions.

The above declines were partially offset by increased production by Kazakhstan and Peru. The production by these countries recorded jumps of 35% and 5% respectively.

Region-wise, Europe, including Russia, recorded 2% rise in production. Also Asia recorded marginal 1% jump in output. The mine production by the Americas and African region has declined by 4% and 1.5% respectively. Meantime, the Oceania region witnessed 2% fall.

Copper Consumption

Meantime, global usage of the metal is estimated to have remained essentially unchanged during Jan-Aug ‘17. The refined usage of refined copper was constrained by improved scrap supply across the world. The metal usage by major consuming countries such as India and Japan increased, whereas the usage by the US, South Korea and Germany reported decline.

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