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Copper July 24, 2019 03:30:19 PM

Chile and India Accounted for Sharp Dip in Refined Copper Output

Paul Ploumis
ScrapMonster Author
The primary contributor to the fall in refined production was the 33% decline in Chilean electrolytic refined output, on account of temporary smelter shutdowns.

Chile and India Accounted for Sharp Dip in Refined Copper Output

SEATTLE (Scrap Monster): The July 2019 Copper Bulletin published by the International Copper Study Group (ICSG) suggests that world refined copper output during the initial four months of 2019 remained essentially unchanged over the previous year.

According to preliminary data, world refined production held steady during Jan-Apr ‘19. The primary production registered marginal decline by 0.2%, whereas the secondary production edged higher marginally by 0.5%.

The primary contributor to the fall in refined production was the 33% decline in Chilean electrolytic refined output, on account of temporary smelter shutdowns. The shutdown of Vedanta’s Tuticorin smelter led to sharp 33% decline in production by India. The newly introduced customs duty on copper concentrate imports, power supply disruptions and smelter outages resulted in 23% drop in Zambian refined output. Other major producing countries including Germany, Japan, Peru and the U.S. reported reduced output.

ALSO READ: Copper Smelter Capacity to Expand by 3.5% Per Annum: ICSG

However, the above reductions were more or less offset by increased output from other countries including China, Australia, Brazil, Iran and Poland.

The world mine production has declined by almost 1% in the first four months of the current year. The production in Chile has declined by almost 3.2%. Meantime, Indonesian concentrate production recorded a decline of 50% from the prior year.

The world apparent usage of refined copper stood higher by approximately 1% year-on-year through April this year, mainly driven by 4% growth in Chinese apparent usage. The demand increased in India, whereas it declined in the EU and the U.S. The Japanese demand remained essentially flat.

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