ICSG Flags Global Copper Surplus in 2025
Copper | 2026-01-22 04:17:31
World refined copper production rose 4.2%, driven by China and the DRC, while ex-China output declined.
By Paul Ploumis
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
POLL
What will most influence global copper prices in 2026?
Frequently Asked Questions
- What were the key findings of the ICSG January 2026 Copper Bulletin?
The report highlighted modest growth in mine production, stronger refined copper output, and a global refined copper surplus of 206,000 tonnes.
- Which countries drove production growth?
The Democratic Republic of Congo and Mongolia led gains, supported by expansions at Kamoa, Tenke/Kisanfu, and Oyu Tolgoy.
- Why did Chile and Indonesia record declines?
Chile faced operational losses at Collahuasi and Quebrada Blanca, while Indonesia saw sharp output drops due to maintenance and incidents at Grasberg.
