World Copper Mine Output Surged in First Quarter 2022

SEATTLE (Scrap Monster): The May 2022 Copper Bulletin published by the International Copper Study Group (ICSG) released preliminary data for March world copper supply and demand.

According to preliminary data, the world copper mine production surged higher by around 2.5% in the initial quarter of the year. The concentrate production has increased by around 2.2%, whereas the SX-EW production was up by 4.7%. The mine production in Chile was down by 7% during the quarter. The high rate of Omicron infections, lower grade and reduced water supply impacted production at many mines in the country. On the contrary, the output in Peru increased by about 4.3%. Also, Indonesian production surged higher by 40% over the previous year.

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ICSG report suggests that world refined copper production increased by around 2.9% in January to March 2022. The primary production was up by 3.2%, whereas the secondary production too edged higher by 1.3%. The Chinese refined copper production rose by 4%, while the DRC output was up by 15%. On the other hand, the Japanese production edged lower by 5.7%.

The world apparent refined copper usage recorded 4.5% growth during the quarter. The preliminary world refined copper balance indicated an apparent surplus of nearly 77,000 tonnes, ICSG noted.