World Refined Copper Market Ended in Surplus

SEATTLE (Scrap Monster): The International Copper Study Group (ICSG) has released its June 2021 Copper Bulletin, which provides preliminary copper supply and demand data for March 2021.

In accordance with the data provided by ICSG, the world copper mine production increased marginally by nearly 3.7% in the initial three-month period of 2021. The concentrate production has increased by 5.5%, whereas the SX-EW output edged lower by almost 3.5%.

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World Copper Mine Output Remained More or Less Unmoved in 2020

Chile-the world’s largest copper mine producing country saw its output decline by 2%, aided by recovery from production constraints in early 2019. Peru- the world’s second largest copper mine producing country too saw its output increase by 3%. The Indonesian output has surged higher significantly by 91%, mainly attributed to the ramp-up of underground production at the Grasberg mine.

The world refined copper production increased modestly by around 4% in the first three months of 2021. The primary production soared by 4.2%, whereas the secondary production edged higher by 2.3%. The Chilean refined output increased by 15%. The production in the DRC was up by 16%, but those in Brazil, Japan, Mexico, Russia, Spain and Sweden recorded small declines.

Meantime, the world apparent refined copper usage increased by around 4.5% until March this year.