ICSG: World Copper Market Posted Apparent Deficit

SEATTLE (Scrap Monster): The preliminary data for world copper supply and demand for the month of November 2023 indicates that the market ended in apparent deficit during the first ten months of the current year.

The January 2024 Copper Bulletin published by the International Copper Study Group (ICSG) states that refined copper market balance ended at a deficit of approximately 130,000 tonnes during Jan-Nov ‘23.

The world copper mine production has increased marginally by nearly 1% during the period from January to November in 2023. The concentrate production has increased by around 1%, whereas the SX-EW output has remained more or less unchanged.

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The production in Chile- the world’s largest copper mine producing country, was down by 1.5% during the initial eleven-month period of the year. On the contrary, mine output registered significant growth by 14% in Peru during this period, mainly due to continued ramp-up at Mina Justa and improved production at Cuajone and Las Bambas.

The world refined copper output increased modestly by 5.5% during the initial eleven-month period during the current year. The primary production reported an increase of 5%, while the secondary production was up by 7%.

The apparent refined copper usage witnessed growth by 4% in Jan-Nov ‘23. The Chinese apparent usage saw 9% increase, partially offsetting the decline in other regions. The world ex-China refined copper usage is estimated to have declined by around 2.5% during this period, said ICSG Copper Bulletin.