ICSG Posted Deficit Copper Market in First Ten Months of 2023

SEATTLE (Scrap Monster): The preliminary data for world copper supply and demand for the month of December 2023 indicates that the market ended in apparent deficit during the first ten months of the current year. The December 2023 Copper Bulletin published by the International Copper Study Group (ICSG) states that refined copper market balance ended at a deficit of approximately 51,000 tonnes during this period.

The world copper mine production has increased marginally by nearly 1% during the period from January to October in 2023. The concentrate production has increased by around 1%, whereas the SX-EW output has remained more or less unchanged.

The production in Chile- the world’s largest copper mine producing country, was down by 1.6% during the initial ten-month period of the year. On the contrary, mine output registered significant growth by 14% in Peru during this period, mainly due to improved production at the Cuajone and Las Bambas copper mines, additional output from Quellaveco and continued ramp up at Mina Justa.

The world refined copper output increased modestly by 5.5% during the initial ten-month period during the current year. The primary production reported an increase of 5%, while the secondary production was up by 8%.

The apparent refined copper usage witnessed growth by 4% in Jan-Oct ‘23. The Chinese apparent usage saw 9.5% increase, partially offsetting the decline in other regions. The world ex-China refined copper usage is estimated to have declined by around 3% during this period, said ICSG Copper Bulletin.