ICSG: Secondary Copper Output Surged in 2023

SEATTLE (Scrap Monster): The preliminary data for world copper supply and demand for the month of September 2023 indicates that the market ended in apparent surplus during the first nine months of the current year. The November 2023 Copper Bulletin published by the International Copper Study Group (ICSG) states that refined copper market ended at an apparent marginal surplus of around 17,000 tonnes during this period.

The world copper mine production has increased marginally by nearly 1.1% during the period from January to September in 2023. The production in Chile- the world’s largest copper mine producing country, was down by 1.9% during the initial nine-month period of the year. On the contrary, mine output in Peru recorded 16% growth despite production declines from several mines on account of actions by local communities.

The world refined copper output increased significantly by nearly 5.3% during the initial nine-month period in 2023. The primary production reported an increase of 4.8%, while the secondary production was up by 7.5%.

The apparent refined copper usage witnessed growth by 3% in Jan-Sep ‘23. The Chinese apparent usage saw 8% 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, when compared with the corresponding nine-month period in 2022, said the ICSG Copper Bulletin.

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