ICSG Publishes Copper Supply and Demand Data For Past Ten Years

The copper mine production growth averaged 3.1% per year over the 10-year period. Chile-the world’s largest copper mine producer reported stable production.

SEATTLE (Scrap Monster): The International Copper Study Group (ICSG) has announced publication of its 2017 Statistical Yearbook. The Yearbook provides detailed analysis of world copper supply and demand data over the past decade until 2016.

The world copper mine production has surged higher by 31% over the past ten years from 15.5 million metric tonnes (Mt) in 2007 to 20.4 Mt in 2016. The share of solvent extraction-electrowinning (SX-EW) production of total mine production remained flat at 19% over the period. The mine capacity utilization rates averaged around 85%. The total mine production recorded a compound annual growth rate (CAGR) of just under 1%, the ICSG Statistical Yearbook 2017 noted.

The copper mine production growth averaged 3.1% per year over the 10-year period. Chile-the world’s largest copper mine producer reported stable production. However, the country’s share in world mine production reduced from 36% in 2007 to 27% in 2016. Meantime, Peru recorded the largest increase in mine production. The country’s mine production surged higher by 1.16 Mt over the past decade. The other countries to report jump in production were China (950,000 t), Democratic Republic of Congo (805,000 t) and Mexico (430,000 t). The output from African region jumped higher by around 1.1 Mt.

The world copper refined production rose by 30%, recording a CAGR growth of nearly 3% during the past decade. The production totaled 23.3 Mt in 2016, as compared with 17.9 Mt in 2007. Primary production increased by 28%, whereas production from scrap skyrocketed by 41%. The share of secondary production in total refined production increased from 15% in 2007 to 17% in 2016.

Over the past decade, Chinese refined production rose multi-folds from 3.5 Mt to 8.4 Mt. On the other hand, Chilean production declined sharply by 11% to 2.6 Mt. Major capacity expansions in India, Bulgaria and Mexico resulted in increased production from these countries. Refinery closures in the US and Canada led to 5% decline in output by the North American region. Meantime, EU refined output surged higher significantly by nearly 10%.

According to 2017 Statistical Yearbook, the world apparent refined copper usage increased sharply by 30% from 18 Mt in 2007 to 23.5 Mt in 2016. This growth was mainly driven by China, whose apparent usage more than doubled over the period. Conversely, the usage by world countries excluding China has declined by nearly 10%. The refined usage in Japan and the EU region dropped sharply by 22% and 20% respectively.

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