World Refined Copper Market Ended in Surplus

SEATTLE (Scrap Monster): The International Copper Study Group (ICSG) has released its July 2021 Copper Bulletin, which provides preliminary copper supply and demand data for the month of April this year.

In accordance with the data provided by ICSG, the world copper mine production increased marginally by nearly 4% in the initial four-month period of 2021. The concentrate production has increased by around 6%, whereas the SX-EW output dipped lower by almost 4%.

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Chile-the world’s largest copper mine producing country saw its output decline by 2%. The 3% surge in concentrate output was offset by 16% dip in SX-EW output. The Peruvian output was boosted by 10%, driven by significant jump in production during March-April. The Indonesian output has surged higher significantly by nearly 80%, due to continued ramp-up at Grasberg mine. Strong production surge were reported in the DRC, Mongolia and Panama, whereas the U.S. output remained essentially unchanged.

The world refined copper production increased marginally by around 4.0% in the first four months of 2020. The primary production soared by 4.50%, whereas the secondary production was up by 3%.

Meantime, the world apparent refined copper usage increased by around 4.5% until April this year. The Chinese apparent usage reported 9% growth, whereas the usage by world excluding China tumbled by 9%.

The ICSG report indicates that the world refined copper market ended in apparent surplus of around 70,000 tonnes in the first four months of 2020.