World Copper Market Ended in Apparent Surplus, Says ICSG

SEATTLE (Scrap Monster): The April 2022 Copper Bulletin published by the International Copper Study Group (ICSG) released preliminary data for January world copper supply and demand.

According to preliminary data, the world copper mine production surged higher by around 4.5% in January 2022. The concentrate production has increased by around 5.5%, whereas the SX-EW production was up marginally by 0.3%. The mine production in Chile was down by 7% during the month. On the contrary, the output in Peru increased by about 13%. Also, Indonesian production surged higher by 35% over the previous year.

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ICSG report suggests that world refined copper production increased by around 2% in January 2022. The primary production was up by 2.3%, whereas the secondary production remained essentially unchanged. The Chinese refined copper production rose by 4%, while the DRC output was up by 15%. On the other hand, the Japanese production edged lower by 5.7%.

The world apparent refined copper usage recorded 3% growth during the month. The preliminary world refined copper balance indicated an apparent surplus of nearly 16,000 tonnes, ICSG noted.