Copper Study Group Published 2024 Statistical Yearbook

SEATTLE (Scrap Monster): The 2024 Statistical Yearbook was published by the International Copper Study Group (ICSG). Data on global copper supply and demand for the ten-year period from 2014 to 2023 is provided in the document.

Global copper mine production rose from 18.4 million metric tonnes (Mt) in 2014 to 22.4 Mt in 2023, according to ICSG. While solvent extraction-electrowinning (SX-EW) output increased by 17%, concentration production increased by about 23%. Over the course of 10 years, the global copper mine production reported an average compound annual growth rate (CAGR) of 2.2%.

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The global production of refined copper increased at a compound annual growth rate (CAGR) of 1.9% from 22.5 Mt in 2014 to 26.5 Mt in 2023. Year over year, the production of basic and secondary refined products rose by 1.95% and 1.6%, respectively. The refined production in China increased. Conversely, the EU, Japan, and the US all recorded a drop in production during the course of the decade.

In the meantime, the ICSG Yearbook reported that during the course of ten years, the apparent global usage of refined copper rose by about sixteen percent. China, whose apparent usage increased by about 4.5 Mt during this time, was the primary driver of the development. Between 2014 and 2023, the country's proportion of global consumption grew from 48% to almost 58%.