ICSG: World Refined Copper Market Ended in Surplus in Q1 2024

SEATTLE (Scrap Monster): The preliminary data for world copper supply and demand for the month of March 2024 indicates surplus market during the initial quarter of the year. The March 2024 Copper Bulletin published by the International Copper Study Group (ICSG) states that refined copper market balance ended at a surplus of approximately 287,000 tonnes during this period.

The world copper mine production has increased marginally by nearly 6% in Q1 2024. The concentrate production has increased by around 4%, whereas the SX-EW output has surged higher significantly by 14%.

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The production in Chile- the world’s largest copper mine producing country, increased modestly by 3.2% during the quarter. The preliminary data indicates that the DRC output grew by around 24%, mainly due to Kamoa mine expansion and expanded capacities at other mines.

The world refined copper output increased modestly by 5.3% during the initial quarter of the current year. The primary production reported an increase of 4.7%, while the secondary production was up by 7.8%.

The apparent refined copper usage witnessed growth by 4% in Q1 this year. The Chinese apparent usage saw 6.5% increase, partially offsetting the decline in other regions such as the U.S., EU and Japan. The world ex-China refined copper usage is estimated to have increased marginally by around 0.7% during the three-month period, said ICSG Copper Bulletin.