ICSG: World Secondary Copper Output Surged in 2023

SEATTLE (Scrap Monster): According to latest publication by the Lisbon, Portugal-based International Copper Study Group (ICSG), the secondary copper production by its member countries recorded significant growth during the previous year.

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The 2023 production totalled 4.55 million metric tons (mmt), higher by 9.58% when compared with the production of 2022. The secondary copper production accounted for 16.9% of the global copper production during 2023. The share has gone slightly higher from 16.35% in 2022, ICSG noted. Meantime, the production of primary copper surged higher by 5.3% from 21.2 mmt in 2022 to 22.3 mmt in 2023.

The mined copper output recorded nominal year-on-year growth by 1% during the previous year, thus failing to keep pace with the growth in primary and secondary production. The refined copper output witnessed 4% growth over the previous year. The Chinese copper consumption excluding changes in unreported stocks grew by 9%. The net refined copper imports by the country recorded decline by 5%.

The global refined copper use stood below the growth rate for refinery production. The refined copper demand declined in the EU, Japan and the U.S. As a result, the demand in the world excluding China was down by around 2%.