Global Refined Copper Deficit Tapered in 2021

SEATTLE (Scrap Monster): The preliminary data for world copper supply and demand for the full-year 2021 indicates that the market ended in apparent deficit of around 475,000 tonnes. This is with reference to the March 2022 Copper Bulletin published by the International Copper Study Group (ICSG).

The world copper mine production has increased marginally by nearly 2.2% during the previous year. The concentrate production has increased by around 3.7%, whereas the SX-EW output has registered a decline by 3.9%. The production in Chile- the world’s largest copper mine producing country, was down by 1.9% in 2021. On the other hand, output in Peru surged higher by 7%. Meantime, the Indonesian output recorded notable surge by around 49%.

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The world refined copper output increased marginally by 1.4% during the year. The primary production reported an increase of 0.6%, while the secondary production was up significantly by 6.0%.

The apparent refined copper usage witnessed growth by 1.4% in 2021. The Chinese apparent usage saw 3.8% decline, partially offsetting the growth in other regions. The world ex-China refined copper usage is estimated to have increased by around 8.5% during this period, when compared with 2020, said ICSG Copper Bulletin.