Which Country Imports the Most Unwrought Refined Copper in the World?

Basic Precious Metals May 28, 2018

Blog Blog / Basic Metals / Basic Precious Metals

Author: Sergey Avramenko

PositionHead of Global Markets Research Team

Global refined copper imports amounted to 20M tonnes in 2016, declining by -2.5% against the previous year figure. The total import volume increased at an average annual rate of +1.6% from 2007 to 2016; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2009, when import increased by 7% y-o-y. Over the period under review, global refined copper imports reached its maximum volume of 20M tonnes in 2015, falling back in the following year.

In value terms, refined copper imports amounted to $48B in 2016. Overall, refined copper imports continue to indicate a slight setback. Global refined copper import peaked of $76B in 2011; however, from 2012 to 2016, it failed to regain its strength.

Top Refined Copper Importing Countries in the World

1. China (18.1 billion USD)

2. Germany (3.6 billion USD)

3. USA (3.5 billion USD)

4. Italy (3.0 billion USD)

5. South Korea (2.0 billion USD)

6. Japan (0.2 billion USD)

7. Australia (0.0 billion USD)

8. Kazakhstan (0.0 billion USD)

9. Chile (0.0 billion USD)

10. Russia (0.0 billion USD)

11. Peru (0.0 billion USD)

12. Zambia (0.0 billion USD)

Refined Copper Imports By Country

China (3.7M tonnes), and Chile (3.5M tonnes) were the largest importers of refined copper in 2016, accounting for near 19%, and 18% of total imports, respectively. It was distantly followed by Zambia (993K tonnes), mixed up 5% share of total refined copper imports. Germany (741K tonnes), the U.S. (657K tonnes), Japan (646K tonnes), Italy (624K tonnes), Russia (563K tonnes), Australia (498K tonnes), Kazakhstan (475K tonnes), Peru (428K tonnes), and South Korea (406K tonnes) held the slight share of total imports.

From 2007 to 2016, the most notable growth rate of refined copper imports, among the main importing countries, was attained by China (+10.1% per year), while the other global leaders experienced more modest paces of growth.

In value terms, China ($18B) constitutes the largest market for imported refined copper worldwide, making up 38% of global imports. The second position in the ranking was occupied by Germany ($3.6B), with the share of 7% of global imports. It was followed by the U.S., with the share of 7%.

In China, refined copper imports expanded at an average annual rate of +6.0% over the period from 2007-2016. The remaining importing countries recorded the following average annual rates: Germany (-6.1% per year) and the U.S. (-5.8% per year).

Refined Copper Import Prices By Country

In 2016, the average import price for refined copper amounted to $2,452 per tonne, coming down by -14.7% against the previous year. In general, refined copper import price continues to indicate a measured reduction. The pace of growth appeared the most rapid in 2010, when import increased by 43% from the previous year level. Global refined copper import peaked of $4,147 per tonne in 2011; however, from 2012 to 2016, it failed to regain its strength.

Import prices varied noticeably by country of destination. the country with the highest import prices was the U.S. ($5,279 per tonne), while Zambia ($0 per kg) was among the lowest.

From 2007 to 2016, the most notable growth rate of refined copper import prices was attained by Chile (+0.0% per year), while the other global leaders experienced mixed trends in the import price figures.

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