ICSG: Refined Copper Market Ended in Surplus During First Six Months of the Year
While SX-EW output has experienced a minor jump of 2.3%, concentrate production has increased by about 2.8%.
SEATTLE (Scrap Monster): According to preliminary figures on global copper supply and demand for June 2025, the market completed the first half of this year with an apparent surplus.
According to the International Copper Study Group's (ICSG) August 2025 Copper Bulletin, the market balance for refined copper completed the January–June 2025 period with an apparent surplus of about 251,000 tonnes.
The first half of this year has seen a little increase in global copper mine production of over 2.7%, according to preliminary ICSG figures. While SX-EW output has experienced a minor jump of 2.3%, concentrate production has increased by about 2.8%.
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The production in Chile- the world’s largest copper mine producing country, increased by 2.6% during H1 this year, primarily driven by higher output at the Escondida, Centinela, Mantos Copper and Codelco mines. Also, mine output rose by 3.6% in Peru during this period, compared with the corresponding period in 2024. In contrast, the Indonesian output plunged 36%, due to lower output at the Grasberg mine.
The world refined copper output increased modestly by 3.6% during the initial six-month period during the current year. The primary production as well as the secondary production recorded increase by 3.6% and 3.7% respectively.
In H1 2025, the apparent consumption of refined copper increased by 4.8%. The apparent demand in China increased by 7.5%. According to estimates, the world's consumption of refined copper outside of China increased by almost 1% in the first half of 2025.