ICSG Flags Global Copper Surplus in 2025

World refined copper production rose 4.2%, driven by China and the DRC, while ex-China output declined.

SEATTLE (Scrap Monster): The International Copper Study Group (ICSG) has released preliminary November copper supply and demand data in its January 2026 Copper Bulletin, showing moderate growth in global production alongside a refined copper surplus.

According to the report, world copper mine production increased by around 1% during the first eleven months of 2025, supported by project ramp-ups and improved output at several operations, despite disruptions at major mines.

Chile’s mine production declined 1.3%, as gains at Escondida and Centinela were offset by losses at Collahuasi and Quebrada Blanca. Peru recorded a 2.4% increase, while the Democratic Republic of Congo saw output rise 6.5%, aided by Kamoa and Tenke/Kisanfu expansions. Mongolian concentrate production surged 34% due to the Oyu Tolgoy underground ramp-up, while Indonesian output fell sharply following maintenance and operational incidents at Grasberg.

World refined copper production rose 4.2%, driven by China and the DRC, while ex-China output declined. Apparent refined copper usage increased about 4%, led by China, which now accounts for 58% of global demand. ICSG estimates an apparent refined copper surplus of 206,000 tonnes for the first eleven months of 2025.

YOU MAY ALSO BE INTERESTED IN:

Global Copper Market Records Surplus in First Nine Months of 2025, ICSG Reports

ICSG: World Copper Mine Production Rises; Refined Copper Surplus Tightens

• SC mulls requiring American-made steel for roads, bridges and other public projects
• U.S. Raw Steel Production Up 3.3% Year-on-Year in Mid-January
• Worker dies in fall at SSAB Alabama steel mill
• Novelis Elevates Emilio Braghi to Chief Operating Officer Role