ICSG: Global Refined Copper Market in Surplus in Jan-May '25

The output of the DRC also rose by around 9%. Also Peru’s copper mine production rose by 3% year-on-year.

SEATTLE (Scrap Monster): Preliminary information on the world's supply and demand for copper as of May 2025 indicates that the market ended the first five months of this year seemingly in excess.

The refined copper market balance concluded the January–May 2025 period with an approximate 272,000-ton surplus, according to the International Copper Study Group's (ICSG) July 2025 Copper Bulletin.

ICSG: World Refined Copper Posted Surplus Market in 2024

Global copper mine production has increased slightly by over 2.7% in the first five months of this year, according to preliminary ICSG data. While SX-EW output has grown even less by 2.1%, concentrate production has only slightly increased by about 2.9%.

This year, from January and May, Chile's output rose by 4.5 percent. This rise was mostly caused by Quebadra Blanca's ramp-up and increased output at the Escondida, Centinela, Mantos Copper, and Codelco mines. Additionally, the DRC's output increased by almost 9%. Additionally, Peru's copper mine output increased by 3% annually.

The first five months of this year saw a 3.1% increase in the world's production of refined copper. There was a 2.8% increase in secondary production and a 3.2% increase in primary.

During this time, the apparent consumption of refined copper increased by 3.2%. The apparent consumption increased by over 5.5% in China. It is expected that the usage of refined copper outside of China remained virtually unchanged between January and May of this year.