Copper Study Group: World Refined Output Surged 3%

SEATTLE (Scrap Monster): The preliminary data for January 2019, as outlined in the April 2019 Copper Bulletin published by the International Copper Study Group (ICSG) signals balanced market for world refined copper.

According to data, world refined copper production has increased marginally by 3.0% during the initial month of the current year. The primary production recorded a rise of 3.1%, whereas the secondary production edged higher by 1.9%.

The ongoing capacity expansion in China resulted in the country emerging as the main contributor to growth in refined output growth. Australia and Brazil also contributed significantly to the growth. The output by the DRC too rose marginally over the previous year. However, overall growth was partially offset by 14% output decline in Chile, due to widespread smelter shutdowns so as to comply with the new environmental regulations. The production from India too was down considerably.

The world mine production has remained more or less unchanged in January this year. Chile’s production witnessed a decline of 4%. The concentrate production from Indonesia has dropped substantially by 45%. On the contrary, other countries including the DRC, Peru,, Zambia, Australia, China and Mongolia recorded notable jump, said ICSG report.

The world apparent usage of refined copper has increased by nearly 3% year-on-year in Jan ’19, primarily driven by 9% surge in Chinese apparent usage. Copper usage reported increase in India and Russia. Meantime, Japan, the EU and South Korea recorded decline in apparent copper usage.