ICSG: Global Copper Surplus Hits 380,000 Tonnes in 2025
Copper | 2026-02-25 09:05:41
Global refined copper production expanded by 4.2%, with primary output up 3.9% and secondary production from scrap rising 5.8%.
By Paul Ploumis
SEATTLE (Scrap Monster): International Copper Study Group (ICSG) has released preliminary December data in its February 2026 Copper Bulletin, indicating moderate growth in global copper supply and demand during 2025, alongside a widening market surplus.
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World copper mine production rose by approximately 1% in 2025. Concentrate output remained broadly flat, while solvent extraction-electrowinning (SX-EW) production increased by 3%. Growth was supported by ramp-ups at new and expanding projects, although lower ore grades and operational disruptions at major mines such as Kamoa and Grasberg constrained gains. Output declined in Chile and Indonesia but increased in Peru, the D.R. Congo and Mongolia, the latter driven by the Oyu Tolgoi underground ramp-up.
Global refined copper production expanded by 4.2%, with primary output up 3.9% and secondary production from scrap rising 5.8%. China and the DRC, accounting for roughly 57% of global refined output, recorded combined growth of 9%, while production excluding these countries fell 1.8%.
World apparent refined copper usage increased about 3%, led by 4% growth in China, which represents 58% of global demand. ICSG estimates a preliminary refined copper surplus of 380,000 tonnes in 2025, widening from 69,000 tonnes in 2024.
POLL
What best explains the widening global copper surplus in 2025?
Frequently Asked Questions
- How much did global copper mine production grow in 2025?
Mine output increased by approximately 1% year-on-year.
- What drove refined copper production growth?
Refined output rose 4.2%, supported by higher primary production and a 5.8% increase in scrap-based secondary output.
- Which countries led refined production gains?
China and the D.R. Congo, together accounting for about 57% of global refined supply, recorded combined growth of 9%.
