ICSG: World Refined Copper Output Rose Significantly in 2023

SEATTLE (Scrap Monster): The preliminary data for world copper supply and demand for the month of February 2024 indicates that the market ended in apparent deficit during the entire year 2023. The February 2024 Copper Bulletin published by the International Copper Study Group (ICSG) states that refined copper market balance ended at an apparent deficit of around 87,000 tonnes during the previous year.

The world copper mine production increased marginally by nearly 1% during the previous year, in comparison with 2022. The concentrate production and solvent extraction-electrowinning (SX-EW) recorded growth at a similar rate.

The production in Chile- the world’s largest copper mine producing country, was down by 1.5% during 2023. The Indonesian mine output too was down by 7.5%. On the contrary, mine output registered significant growth by 13% in Peru, 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 significantly by 6% during the previous year. The primary production reported an increase of 5%, while the secondary production was up by 9%.

The apparent refined copper usage witnessed growth by 4% in 2023. The Chinese apparent usage saw 9% increase, partially offsetting the decline in other regions. The world ex-China refined copper usage is estimated to have declined by around 2% during the previous year, said ICSG Copper Bulletin.

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