ICSG: World Refined Copper Posted Surplus Market in 2024

SEATTLE (Scrap Monster): According to preliminary estimates on global copper supply and demand for December 2024, there will be a surplus market throughout 2024. According to the International Copper Study Group's (ICSG) February 2025 Copper Bulletin, the market balance for refined copper concluded the previous year with an apparent excess of about 301,000 tonnes.

In 2024, the global output of copper mines increased by almost 2.3%. While SX-EW output has increased by 4%, concentrate production has increased by about 1.9%.

Chile, the world's top producer of copper mines, saw a slight 5% increase in production during the quarter. According to the early data, the development of the Tenke and Kamoa-Kakula mines, the ramp-up of Kinsanfu, and the addition of new or expanded capacity at other smaller mines were the primary causes of the 14% increase in DRC output.

The output of refined copper rose by a moderate 4.2% over the previous year. There was a 4.7% increase in primary production and a 2.0% increase in secondary production.

In 2024, the apparent use of refined copper increased by 2.9%. The apparent consumption in China increased by 3.5%. It is projected that the world's consumption of refined copper, excluding China, increased by about 2.2% throughout the course of the year. According to the ICSG Copper Bulletin, growth in some Asian and MENA nations counterbalanced the sluggish demand in the US, Japan, and the EU.

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