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Copper May 22, 2018 02:30:30 PM

International Copper Study Group Releases Preliminary Data for February

Paul Ploumis
ScrapMonster Author
In accordance with ICSG data, world copper mine production increased by around 4.8% in the first two months of 2018.

International Copper Study Group Releases Preliminary Data for February

SEATTLE (Scrap Monster): The International Copper Study Group (ICSG) has released its Copper Bulletin for the month of May this year. The Bulletin outlines the preliminary copper demand and supply data for the month of February this year. According to the Bulletin, world refined copper balance has ended in surplus during the initial two-month period of the year.

In accordance with ICSG data, world copper mine production increased by around 4.8% in the first two months of 2018. The concentrate production rose by 4.5%, whereas the solvent extraction-electrowinning (SX-EW) production was up by 6%. The jump in output was mainly on account of the tremendous jump in output by Chile- the world’s largest producer of mined copper. The country’s mined copper output has surged higher significantly by 13.5% over the previous year. The Zambian mine output skyrocketed by 16%. Also, SX-EW production has recovered by almost 10% in the DRC. The mine production registered decline in Canada, Mexico, Peru and the U.K.

The copper mine output increased by around 11% in Africa. Asian and American production edged higher by 5% and 4% respectively. The Europe reported 2.5% jump in mine output. Meantime, the output was up by 4% in the Oceania region.

The global refined production has increased by 3.3% in the first two months of 2018. The primary production rose by 3.0%, whereas the production from scrap was up by 4.5%. The continued expansion in capacity in China led to 3% jump in country’s refined output. The production by Indonesia and Japan too recorded substantially higher levels. However, refined production reported decline in Peru, Poland and the U.S.

ALSO READ: WBMS: World Copper Market Records Deficit in First Quarter 2018

The world apparent usage is estimated to have increased by 3.9% in Jan-Feb ’18. Chinese apparent usage expanded by 9.2%. India and the EU too reported jump in apparent usage, whereas the U.S., Japan and South Korea reported declines.

The world refined copper balance indicated a modest surplus of 110,000 tonnes at the end of the first two-month period in 2018.

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