ICSG: Copper Market Records 17KT Surplus in Jan 2026
Copper | 2026-04-01 05:40:41
Refined copper production grew by 1%, with a notable 11% jump in secondary output from scrap, offsetting a 1.4% decline in primary production.
By Paul Ploumis
SEATTLE (Scrap Monster): Global copper market recorded modest growth and a slight surplus in January 2026, as mine output and refined usage increased despite regional production disruptions, according to the International Copper Study Group (ICSG).
Preliminary data shows world mine production rose by 2.2%, supported by project ramp-ups in countries such as Peru and Mongolia. Peru posted a 3% increase driven by higher output at major mines, while Mongolia saw a sharp 35% surge due to the Oyu Tolgoi underground expansion. However, declines in Indonesia and the Democratic Republic of Congo, along with a 3% drop in Chile, limited overall gains.
Refined copper production grew by 1%, with a notable 11% jump in secondary output from scrap, offsetting a 1.4% decline in primary production. Chilean refined output fell sharply by 25% due to smelter shutdowns, while China and the DRC together recorded a 5% increase, maintaining dominance in global supply.
Meanwhile, global refined copper usage increased by 2.5%, led by a 4% rise in demand outside China, although Chinese demand grew modestly by 1%. The market ultimately recorded a surplus of 17,000 tonnes, reflecting balanced supply-demand conditions.
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What was the main driver of copper supply growth?
Frequently Asked Questions
- What drove the increase in global copper mine production?
Growth was supported by project ramp-ups in Peru and a significant output surge from Mongolia’s Oyu Tolgoi expansion.
- Why did refined copper production show mixed trends?
While scrap-based secondary production increased sharply, primary production declined due to smelter shutdowns, especially in Chile.
- Which regions contributed most to refined copper supply growth?
China and the Democratic Republic of Congo recorded a combined 5% increase, reinforcing their supply leadership.
