ICSG: World Refined Copper Market Posted Surplus in Jan-July ‘25

In contrast, the Indonesian output plunged 32%, due to lower output at the Grasberg mine.

SEATTLE (Scrap Monster): Early estimates of the world's copper supply and demand for July 2025 show that the market ended the first seven months of this year with what appears to be a surplus.

The market balance for refined copper ended the January–July 2025 period with an apparent surplus of roughly 101,000 tonnes, following the International Copper Study Group's (ICSG) September 2025 Copper Bulletin.

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According to preliminary ICSG estimates, worldwide copper mine production increased by more than 3.4% in the first seven months of this year. Concentrate production has increased by roughly 3.3%, while SX-EW output has slightly increased by 3.7%.

The production in Chile- the world’s largest copper mine producing country, increased by 2.3%, primarily driven by higher output at the Escondida, Centinela, Mantos Copper and Codelco mines. Also, mine output rose by 3.3% in Peru during this period, compared with the corresponding period in 2024. In contrast, the Indonesian output plunged 32%, due to lower output at the Grasberg mine.

The first seven months of this year saw a little 3.9% increase in the world's output of refined copper. Both the primary and secondary productions saw increases of 3.6% and 5.4%, respectively.

The apparent consumption of refined copper rose 5.9% between January and July of 25. The apparent demand in China increased by 8.9%. In the first seven months of 2025, refined copper consumption outside of China rose by over 2%, according to projections.