Global Copper Mine Output Declines, Refined Output and Consumption Expands

Copper  |  2026-09-28 06:52:14   |   By

Chile recorded a 7% drop in mine output, mainly due to weaker production at El Teniente, Escondida and Spence.

Summary
  • Global Copper Mine Output Declines
    World copper mine production fell 1% year-on-year through July 2026, as concentrate output declined 2% despite a 3.6% rise in SX-EW production. Lower output from Chile, Indonesia and the DRC weighed on global supply.
  • Refined Copper Production Continues to Grow
    Global refined copper production increased approximately 1.7%, supported by a 1% rise in primary production and a 4.3% increase in secondary production from scrap. China and the DRC were major contributors to the growth.
  • Stronger Consumption Narrows Market Surplus
    Global apparent refined copper usage increased 2.4%, with Chinese demand rising 3.5%. The refined copper market recorded a preliminary 32,000-tonne surplus for January-July 2026, down sharply from 157,000 tonnes a year earlier.

SEATTLE (Scrap Monster): Global copper mine production declined during the first seven months of 2026, while refined output and consumption continued to expand, according to preliminary data released by the International Copper Study Group (ICSG).

World mine production fell 1% year-on-year through July, with a 2% decline in concentrate output outweighing a 3.6% increase in SX-EW production. The global supply was badly impacted due to lower production in Chile, Indonesia and the Democratic Republic of Congo (DRC).

Chile recorded a 7% drop in mine output, mainly due to weaker production at El Teniente, Escondida and Spence. Indonesian concentrate production plunged 29%, while DRC concentrate output fell 30%. In contrast, Peru’s production increased 2.2%. Meanwhile, Mongolian concentrate output recorded an 18% jump, driven by ramping up of the Oyu Tolgoi underground project.

Refined copper production rose approximately 1.7%. Primary production grew 1%, while secondary output from scrap increased 4.3%. China and the DRC together accounted for much of the increase, with combined refined production rising 4.8%.

Global apparent refined copper usage grew 2.4%, including a 3.5% increase in Chinese demand. Chinese net refined copper imports, however, declined 10%.

The preliminary global refined copper balance showed a 32,000-tonne surplus for January-July 2026, substantially below the 157,000-tonne surplus recorded a year earlier, the ICSG report noted.

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