SEATTLE (Scrap Monster): The International Copper Study Group (ICSG) has published January 2022 Copper Bulletin, which provides preliminary copper supply and demand data for the month of October 2021.
In accordance with the data provided by ICSG, the world copper mine production increased marginally by almost 2.6% in the initial ten-month period of the previous year. The concentrate production increased by around 4.1%, whereas the SX-EW output declined by almost 3.8%.
Chile-the world’s largest copper mine producer saw its output drop by 2.2%. The output by Peru too was up by 10%. The Indonesian output recorded 51% jump over the previous year, mainly driven by the continued ramp-up of underground production at the Grasberg mine. Strong production jumps were reported in the DRC, Panama and China.
The world refined copper production increased by 1.4% in the first ten months of 2021. The primary production was up by 1.0%, whereas the secondary production rose by 5%.
Meantime, the world apparent refined copper usage was up by 1% until October last year. The Chinese apparent usage declined by almost 5.5%, partially offsetting the growth in usage in other regions. The refined usage in world ex-China recorded a jump by 9.5% in Jan-Oct ’21.
The ICSG report suggests that the world refined copper market ended in apparent deficit of around 295,000 tonnes in the first ten months of 2021.
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