ICSG Published Copper Market Forecast for 2022 and 2023

ICSG expects the global copper market to see a deficit of around 325,000t in 2022 and a surplus of nearly 155,000t in 2023.

SEATTLE (Scrap Monster): The International Copper Study Group (ICSG) announced publication of Copper Market Forecast 2022/2023.

The ICSG report foresees 3.9% surge in world copper mine production during the current year, whereas it expects a higher growth rate of 5.3% next year. The growth projection for the current year was revised downwards from the April 2022 estimates of 5%, driven by market underperformance. The report cited several reasons including extended pandemic-related restrictions, operational and geotechnical issues, strikes and lower than expected head grades. The SX-EW output is likely to witness recovery in 2022.

ALSO READ:

ICSG Bi-Annual Directory of Copper Mines and Plants Published

RBC: Global Copper Supply to Outpace Demand

The world refined copper production is expected to witness a rise by about 2.8% in 2022, followed by even higher growth of 3.3% in 2023. The sustained growth is attributed to the continued expansion of Chinese electrolytic capacity and new and expanded SX-EW operations in the DRC. The trade body anticipates higher growth rates for both primary and secondary refined copper output in the upcoming year.

Also, the world apparent refined copper usage is likely to witness a growth of 2.2% in 2022 and 1.4% in 2023, both down considerably when matched with ICSG’s April 2022 forecasts.

ICSG expects the global copper market to see a deficit of around 325,000t in 2022 and a surplus of nearly 155,000t in 2023.

• Sims Lifecycle Services Listed as a Representative Vendor in the 2024 Gartner “Market Guide for IT Asset Disposition”
• EMR Hails Step Forward in Innovative Metals-Recycling Project
• November 21, 2024: Scrap Gold Prices Up, Platinum Steady, Silver Down on the Index
• Study Reveals Plan to Boost U.S. Jobs, Reduce Waste and Cut Emissions for 30% of U.S. Plastic Packaging and Textiles