ICSG Posted Deficit Copper Market in First Half 2022

SEATTLE (Scrap Monster): The preliminary data for world copper supply and demand for the month of June 2022 indicates that the market ended in apparent deficit during the first half-yearly period this year. The August 2022 Copper Bulletin published by the International Copper Study Group (ICSG) states that refined copper market balance ended at a deficit of approximately 72,000 tonnes during this period.

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The world copper mine production has increased marginally by nearly 3% during the period from January to June in 2022. The concentrate production has increased by around 2.3%, whereas the SX-EW output has registered a surge by about 6.5%. The production in Chile- the world’s largest copper mine producing country, was down by 6.0% during the initial six-month period of the year. On the contrary, output in Peru was up marginally by 1.3%.

The world refined copper output increased modestly by 3.2% during the initial six-month period in 2022. The primary production reported an increase of 4%, while the secondary production was down slightly by 1.5%.

The apparent refined copper usage witnessed growth by 2.7% in Jan-June ‘22. The Chinese apparent usage saw 3.6% increase, partially offsetting the decline in other regions. The world ex-China refined copper usage is estimated to have increased by around 1.6% during this period, when compared with the corresponding half-yearly period in 2021, said ICSG Copper Bulletin.