Refined copper output from scrap were up 12% during Jan-Sep ‘14

BEIJING (Scrap Monster): The latest figures released by the International Copper Study Group (ICSG) suggests considerable rise in refined copper output from scrap during the initial three quarters of 2014. The output during the period from January to September last year was up nearly 12%, totaling 3.113 million tonnes. This is when compared with the output of 2.783 million tonnes during the first three quarters in 2013.

The global primary production of copper increased by 7.5% during the period. The ICSG data also indicates that global refined copper output jumped higher by nearly 8% over the year during January to September 2014. The output totaled 16.815 million tonnes, when compared with the refined output of 15.52 million tonnes during the initial three quarters in 2013.

The global copper demand rose significantly higher by 11% to 17.394 million tonnes. The copper market resulted in a deficit of 578,000 tonnes. The deficit widened in 2014 as compared with the deficit of 133,000 reported during January to September in 2013.

ICSG notes that the robust Chinese demand and the non-availability of high grade scrap led to increased usage of cathode by semi manufacturers. The Chinese apparent demand surged higher by 19% during this period. The net imports of refined copper by the country too saw sharp rise of 20%.

The global copper capacity utilization averaged at 81% during January to September 2014. This is much higher when compared with 78% reported during the corresponding period in 2013.