ICSG: World Refined Copper Market Posted Surplus in Jan-July ‘25
Copper | 2025-09-24 23:03:56
In contrast, the Indonesian output plunged 32%, due to lower output at the Grasberg mine.
By Paul Ploumis
SEATTLE (Scrap Monster): Early estimates of the world's copper supply and demand for July 2025 show that the market ended the first seven months of this year with what appears to be a surplus.
The market balance for refined copper ended the January–July 2025 period with an apparent surplus of roughly 101,000 tonnes, following the International Copper Study Group's (ICSG) September 2025 Copper Bulletin.
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According to preliminary ICSG estimates, worldwide copper mine production increased by more than 3.4% in the first seven months of this year. Concentrate production has increased by roughly 3.3%, while SX-EW output has slightly increased by 3.7%.
The production in Chile- the world’s largest copper mine producing country, increased by 2.3%, primarily driven by higher output at the Escondida, Centinela, Mantos Copper and Codelco mines. Also, mine output rose by 3.3% in Peru during this period, compared with the corresponding period in 2024. In contrast, the Indonesian output plunged 32%, due to lower output at the Grasberg mine.
The first seven months of this year saw a little 3.9% increase in the world's output of refined copper. Both the primary and secondary productions saw increases of 3.6% and 5.4%, respectively.
The apparent consumption of refined copper rose 5.9% between January and July of 25. The apparent demand in China increased by 8.9%. In the first seven months of 2025, refined copper consumption outside of China rose by over 2%, according to projections.
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Frequently Asked Questions
- How did global copper mine production change in the first seven months of 2025?
- Global copper mine production increased by over 3.4%, with SX-EW output up 3.7% and concentrate production up 3.3%.
- Which countries saw significant changes in copper mine output?
- Chile: +2.3%, driven by Escondida, Centinela, Mantos Copper, and Codelco Peru: +3.3% Indonesia: -32%, due to lower output at the Grasberg mine
- What does the data suggest about the global copper market in early 2025?
- The market had a modest surplus, with production growth slightly outpacing demand growth, especially outside China.
