ICSG Published Copper Market Forecast for 2022 and 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.

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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.