SEATTLE (Scrap Monster): The International Copper Study Group (ICSG) has published March 2021 Copper Bulletin, which provides preliminary data for 2020.
In accordance with the data provided by ICSG, the world copper mine production remained essentially unchanged during the previous year. The concentrate production increased marginally by 0.4%, whereas the SX-EW output declined by almost 2%.
Chile-the world’s largest copper mine producing country saw its output decline by 1%. The production surged higher by 2.5% during the initial half-yearly period of 2020, followed by a similar decline in the first half of 2019. The recovery in a few countries like Chile and Indonesia coupled with extra output from new projects in Panama and the DRC helped to balance the Covid-19 impacts on global copper mine output. The Peruvian output was affected the most, falling by 12.5% in 2020.
The world refined copper production increased marginally by 1.5% in 2020. The primary production edged higher by 2.8%, whereas the secondary production dropped by 4.5%. The refined production recorded notable jumps by 5% and 35% in DRC and Zambia respectively. On the other hand, Indian refined output collapsed by 20% over the previous year.
The ICSG report suggests that the world refined copper market ended in an apparent deficit of around 560,000 tonnes in the previous year.
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