South Africa: Copper Market 2024

Copper Market Size in South Africa

After two years of decline, the South African copper market increased by X% to $X in 2022. In general, consumption, however, showed a abrupt shrinkage. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Copper Production in South Africa

In value terms, copper production fell slightly to $X in 2022 estimated in export price. Over the period under review, production recorded a perceptible contraction. The most prominent rate of growth was recorded in 2014 when the production volume increased by X%. Copper production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

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Copper Exports

Exports from South Africa

In 2022, overseas shipments of refined copper increased by X% to X tons, rising for the third year in a row after two years of decline. Overall, exports posted strong growth. The growth pace was the most rapid in 2014 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, copper exports expanded significantly to $X in 2022. In general, exports posted significant growth. The growth pace was the most rapid in 2021 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the near future.

Exports by Country

China (X tons) was the main destination for copper exports from South Africa, accounting for a X% share of total exports. Moreover, copper exports to China exceeded the volume sent to the second major destination, Italy (X tons), eightfold. The third position in this ranking was taken by the United Arab Emirates (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to China amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (X% per year) and the United Arab Emirates (X% per year).

In value terms, China ($X) remains the key foreign market for refined copper exports from South Africa, comprising X% of total exports. The second position in the ranking was held by Italy ($X), with an X% share of total exports. It was followed by the Netherlands, with a X% share.

From 2012 to 2022, the average annual growth rate of value to China amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (X% per year) and the Netherlands (X% per year).

Export Prices by Country

The average copper export price stood at $X per ton in 2022, remaining relatively unchanged against the previous year. Overall, export price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, copper export price increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2021 an increase of X%. As a result, the export price attained the peak level of $X per ton, leveling off in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (X%), while the prices for the other major destinations experienced more modest paces of growth.

Copper Imports

Imports into South Africa

In 2022, purchases abroad of refined copper increased by X% to X tons, rising for the fourth year in a row after two years of decline. In general, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of X%. Over the period under review, imports attained the maximum at X tons in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, copper imports surged to $X in 2022. Over the period under review, imports enjoyed a slight increase. The most prominent rate of growth was recorded in 2015 when imports increased by X%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Zambia (X tons) and Democratic Republic of the Congo (X tons) were the main suppliers of copper imports to South Africa.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Democratic Republic of the Congo (with a CAGR of X%).

In value terms, the largest copper suppliers to South Africa were Democratic Republic of the Congo ($X) and Zambia ($X).

Democratic Republic of the Congo, with a CAGR of X%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review.

Import Prices by Country

In 2022, the average copper import price amounted to $X per ton, almost unchanged from the previous year. Overall, import price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, copper import price increased by X% against 2018 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by X%. The import price peaked in 2022 and is likely to see steady growth in the near future.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Democratic Republic of the Congo ($X per ton), while the price for Zambia amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Democratic Republic of the Congo (X%).

Source: IndexBox Platform

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