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Copper January 22, 2019 08:30:53 AM

Copper Study Group Indicates Nominal Uptick in Refined Output

Paul Ploumis
ScrapMonster Author
The primary contributor to refined output growth was China, which continued to expand its capacity.

Copper Study Group Indicates Nominal Uptick in Refined Output

SEATTLE (Scrap Monster): The January 2019 Copper Bulletin published by the International Copper Study Group (ICSG) signals marginal increase in world refined copper output during the initial ten months of 2018.

According to data, world refined production increased marginally by 1.2% during Jan-Oct ’18. The primary production remained more or less unchanged, whereas the secondary production edged higher by 5%.

The primary contributor to refined output growth was China, which continued to expand its capacity. Indonesia and Japan too reported increased production during the first ten months of the previous year. The output by Chile rose marginally by 2% over 2017, mainly on account of lower output in 2017. However, overall growth was partially offset by 34% output decline in India, due to shutdown of Vedanta’s smelter operation in southern India. The U.S., Poland, Australia and the Philippines also reported production declines during the ten-month period.

The world mine production has increased by around 2.4%. Chile’s production was up by 6%. The Indonesian output surged higher by 19% over the previous year. The DRC and Zambia recorded notable jump in SX-EW output. The overall growth was impacted by lower output from the U.S. and Canada. The U.S. and Canadian mine output declined by 3.5% and 11% respectively.

The world apparent usage of refined copper stood higher by 2.8% year-on-year through October last year, mainly driven by 7% surge in Chinese apparent usage. The U.S., India, Japan and the EU reported increased usage. On the other hand, refined usage registered decline in Taiwan, ICSG data said.

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