ICSG Released Copper Market Forecast for 2025 and 2026
Copper | 2025-04-29 08:05:01
The world apparent refined copper usage is expected to increase by about 2.4% in 2025, and by a further 1.8% in 2026.
By Paul Ploumis
SEATTLE (Scrap Monster): The International Copper Study Group (ICSG) Statistical Committee provided market forecasts for 2025 and 2026.
It is anticipated that global copper mine production will rise 2.3% to 23.5 million tons in 2025 and then 2.5% in 2026. This year's anticipated growth will be aided by the additional output brought about by the completion of the new Malmyz mine in Russia and the acceleration of the Kamoa and Oyu Tolgoi expansions. According to the ICSG analysis, the growth in 2026 will be driven by the ongoing ramp-up of new and expanded capacity, the anticipated increase in output in Zambia and Chile, and the anticipated recovery in Indonesian output.
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Global production of refined copper is predicted to rise by roughly 2.9% in 2025. It is anticipated that SX-EW production would increase by 3.3%, while primary electrolytic refined production will climb by 3%. In the meantime, a 2.2% increase in secondary output from scrap is projected.
It is anticipated that global apparent refined copper consumption would rise by roughly 2.4% in 2025 and by an additional 1.8% in 2026.
The world refined copper balance forecasts for 2025 and 2026 show a surplus of about 289,000 and 209,000 tonnes, respectively, according to ICSG.
