ICSG: World Refined Copper Market Ended in Surplus During Q1 2025

SEATTLE (Scrap Monster): According to preliminary data on global copper supply and demand for March 2025, the market concluded the first three months of this year with an apparent surplus.

According to the International Copper Study Group's (ICSG) May 2025 Copper Bulletin, the refined copper market balance completed the January–March 2025 period with a surplus of about 289,000 tonnes.

Preliminary ICSG numbers for the first quarter of this year indicate a slight increase in worldwide copper mine production of more than 1.2%. Concentrate production increased by roughly 1.4%, whereas SX-EW output increased by only 0.5%.

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World Refined Copper Balance at Apparent Surplus, Says ICSG

From January to March of this year, Chile, the world's largest producer of copper mines, witnessed a largely constant output year over year. On the other hand, Peru's mine output increased somewhat by 4% during this period compared to the same period in 2024, primarily due to increased output at Las Bambas, Quellaveco, and Toromocho. Indonesia's output fell 43 percent. Production in North America fell 4.8%. The output of the DRC also rose by almost 7%.

The global production of refined copper increased by almost 3% in the first three months of this year. There were 3% and 3.5% growth in primary and secondary productions, respectively.

This year, the apparent consumption of refined copper rose by almost 3% between January and March. China's apparent consumption rose by almost 4.5 percent. The first quarter of 2025 saw an estimated 1% growth in the world's consumption of refined copper outside of China.