ICSG Announced World Copper Market Deficit in 2022

The world copper mine production has increased marginally by nearly 3.3% in 2022.

SEATTLE (Scrap Monster): The preliminary data for world copper supply and demand for the month of December 2022 indicates that the market ended in apparent deficit during the previous year.

The February 2023 Copper Bulletin published by the International Copper Study Group (ICSG) states that refined copper market balance ended at a deficit of approximately 376,000 tonnes in 2022.

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The world copper mine production has increased marginally by nearly 3.3% in 2022. The concentrate production has increased by around 3.0%, whereas the SX-EW output has registered a surge by about 5.0%. The production in Chile- the world’s largest copper mine producing country, was down by 5.0% during the year. Also, mine output growth in Peru was limited to 4.8% during this period, mainly due to extended stoppage of activities at the Cuajone and Las Bambas copper mines.

The world refined copper output increased modestly by 3.5% in 2022. The primary production reported an increase of 4.0%, while the secondary production was up slightly by 1.4%.

The apparent refined copper usage witnessed growth by 3.0% during the previous year. The Chinese apparent usage saw 6% increase, partially offsetting the decline in other regions. The world ex-China refined copper usage remained essentially unchanged from 2021, said ICSG Copper Bulletin.

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