World Copper Mine Output Surged Until August This Year

SEATTLE (Scrap Monster): The International Copper Study Group (ICSG) has published November 2021 Copper Bulletin, which provides preliminary copper supply and demand data for the month of August this year.

In accordance with the data provided by ICSG, the world copper mine production increased by 3.3% in the initial eight-month period of the current year. The concentrate production increased by around 5%, whereas the SX-EW output declined by almost 4.0%, the report said.

Chile-the world’s largest copper mine producer saw its output decline by 1.5%. The Indonesian output recorded 57% jump over the previous year, mainly on account of continued ramp-up of underground production at the Grasberg mine. The DRC and Panama production too reported strong increases.

The world refined copper production increased by 2.1% in the first eight months of 2021. The primary production was up by 1.2%, while the secondary production reported surge by 6.5%. The Chinese refined production was up by 5.8%.

Meantime, the world apparent refined copper usage was up by 2.1% until August this year. The Chinese apparent usage declined by almost 2.8%, partially offsetting the growth in other regions.  The world ex-China refined copper usage increased by around 8.5%.

The ICSG report suggests that the world refined copper market ended in apparent deficit of around 107,000 tonnes in the first eight months of 2021.

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