Asia: Refined Copper Market 2022

Refined Copper Market Size in Asia

The Asian refined copper market was finally on the rise to reach $X in 2021, after two years of decline. The market value increased at an average annual rate of +1.1% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Refined Copper Production in Asia

In value terms, refined copper production reached $X in 2021 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the production volume increased by 18% against the previous year. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Refined Copper Exports

Exports in Asia

Refined copper exports contracted to X tons in 2021, waning by -4.7% on the year before. The total export volume increased at an average annual rate of +2.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2016 when exports increased by 19%. The volume of export peaked at X tons in 2020, and then fell modestly in the following year.

In value terms, refined copper exports skyrocketed to $X in 2021. Total exports indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +3.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +57.3% against 2019 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Japan (X tons) and Kazakhstan (X tons) were the main exporters of refined copper (unwrought, not alloyed) in 2021, accounting for approx. 23% and 18% of total exports, respectively. South Korea (X tons) held the next position in the ranking, followed by China (X tons), the Philippines (X tons), Indonesia (X tons) and India (X tons). All these countries together took near 43% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by the Philippines (with a CAGR of +14.6%), while the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), Kazakhstan ($X) and South Korea ($X) were the countries with the highest levels of exports in 2021, together comprising 54% of total exports. China, the Philippines, Indonesia and India lagged somewhat behind, together accounting for a further 32%.

In terms of the main exporting countries, the Philippines, with a CAGR of +17.5%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in Asia amounted to $X per ton, picking up by 52% against the previous year. Export price indicated a slight increase from 2012 to 2021: its price increased at an average annual rate of +1.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, refined copper export price increased by +52.4% against 2019 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in the Philippines ($X per ton) and South Korea ($X per ton), while Kazakhstan ($X per ton) and India ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+2.5%), while the other leaders experienced more modest paces of growth.

Refined Copper Imports

Imports in Asia

In 2021, the amount of refined copper (unwrought, not alloyed) imported in Asia contracted to X tons, falling by -7.4% against the previous year's figure. The total import volume increased at an average annual rate of +1.5% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2020 with an increase of 13%. As a result, imports reached the peak of X tons, and then fell in the following year.

In value terms, refined copper imports soared to $X in 2021. Total imports indicated a noticeable increase from 2012 to 2021: its value increased at an average annual rate of +3.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +86.6% against 2016 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

China dominates imports structure, accounting for X tons, which was approx. 57% of total imports in 2021. Taiwan (Chinese) (X tons) held the second position in the ranking, followed by Thailand (X tons), the United Arab Emirates (X tons), Turkey (X tons) and South Korea (X tons). All these countries together took approx. 29% share of total imports. Malaysia (X tons) followed a long way behind the leaders.

China experienced a relatively flat trend pattern with regard to volume of imports of refined copper (unwrought, not alloyed). At the same time, the United Arab Emirates (+25.2%), Thailand (+4.6%) and Malaysia (+1.3%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing importer imported in Asia, with a CAGR of +25.2% from 2012-2021. South Korea, Taiwan (Chinese) and Turkey experienced a relatively flat trend pattern. While the share of the United Arab Emirates (+4.7 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of China (-4.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported refined copper (unwrought, not alloyed) in Asia, comprising 58% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 7% share of total imports. It was followed by Thailand, with a 5.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value in China amounted to +2.3%. The remaining importing countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+1.6% per year) and Thailand (+6.3% per year).

Import Prices by Country

In 2021, the import price in Asia amounted to $X per ton, rising by 48% against the previous year. Import price indicated a modest expansion from 2012 to 2021: its price increased at an average annual rate of +1.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, refined copper import price increased by +51.1% against 2019 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Malaysia ($X per ton) and Thailand ($X per ton), while the United Arab Emirates ($X per ton) and Taiwan (Chinese) ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+2.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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