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Copper December 21, 2017 01:30:01 PM

Refined Copper Mine Output Dropped Marginally in Jan-Sep '17

Paul Ploumis
ScrapMonster Author
As per estimates, the world copper mine production has declined by around 2.5% during the first three quarters of the current year. The refined output grew marginally by 0.5% during this period. The apparent usage of refined copper too were up marginally by 0.5%, ICSG data said.

Refined Copper Mine Output Dropped Marginally in Jan-Sep '17

SEATTLE (Scrap Monster): The International Copper Study Group (ICSG) has released the preliminary copper data for the month of September 2017 in its recently published December 2017 Copper Bulletin. As per estimates, the world copper mine production has declined by around 2.5% during the first three quarters of the current year. The refined output grew marginally by 0.5% during this period. The apparent usage of refined copper too were up marginally by 0.5%, ICSG data said.

Market Balance

The refined copper market ended in a deficit of nearly 180,000 tonnes, mainly on account of steady growth in world supply of refined copper. The market balance showed strong deficit in the month of September.

Refined Copper Output

World refined copper production recorded marginal growth by 0.5% during the initial nine months of 2017. The primary production declined by 1.3% during this period, whereas the secondary production increased considerably by 9.5%. The key contributors to world refined copper output growth were China and India. The Indian refined production surged higher by 7.5%, whereas Chinese production was up by 6% over the previous year. Some EU countries too contributed to the growth. The rise in production was offset by 10% decline in output in Chile. The output by the US and Japan too dropped sharply by 8.5% and 3.7% respectively during Jan-Sep ’17.

Region wise, refined output by Asia and the Europe increased by 4.0% each. The output by the African region witnessed 2% decline. Meantime, the refined copper output by Americas and Oceania region declined by 9% and 8.5% respectively.

Copper Mine Output

The ICSG data indicates that world copper mine production declined by nearly 2.5% during the first nine months of 2017.

The strike action at Escondida mine and reduced output from Codelco mines led to 4% overall decline Chile’s copper mine output. The concentrates production by Argentina has reduced by more than 50%, mainly on account of lower grades in Alumbrera mines. Canada and Mongolia too reported 18% decline in mine output. Indonesia’s temporary ban on concentrate exports resulted in 18% decline in the country’s production over the nine-month period. The US reported 11% decline in output, mainly on account of lower ore grades, reduced mining rates and hostile weather conditions.

The reduction in output by the above countries was partially offset by production increases in Kazakhstan and Peru. Kazakhstan reported biggest jump of 34%. Other countries including Brazil, Mexico, Myanmar, Spain and Sweden too contributed to world copper mine output growth.

Region-wise, Europe, including Russia, recorded 2.5% rise in production. Meantime, Asia recorded 2% drop in output. The mine production by the Americas and African region has declined by 3.5% and 1.5% respectively. Meantime, the Oceania region witnessed 2% fall.

Copper Consumption

The global copper usage is estimated to have increased modestly during Jan-Sep ‘17. The growth in 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. The Chinese apparent usage remained essentially flat.

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