Global Refined Copper Market 2022

Refined Copper Market Size

In 2021, after two years of decline, there was significant growth in the global refined copper market, when its value increased by 19% to $X. Overall, consumption showed a relatively flat trend pattern. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Refined Copper Production

In value terms, refined copper production expanded to $X in 2021 estimated in export price. In general, production, however, saw a mild decline. The pace of growth appeared the most rapid in 2017 when the production volume increased by 11%. Global production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Refined Copper Exports

Exports

In 2021, approx. X tons of refined copper (unwrought, not alloyed) were exported worldwide; waning by -8.5% against 2020 figures. Overall, exports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2015 when exports increased by 9.2%. The global exports peaked at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, refined copper exports surged to $X in 2021. The total export value increased at an average annual rate of +1.8% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, Chile (X tons), distantly followed by Democratic Republic of the Congo (X tons), Japan (X tons), Kazakhstan (X tons) and Russia (X tons) were the main exporters of refined copper (unwrought, not alloyed), together comprising 51% of total exports. The following exporters - Australia (X tons), South Korea (X tons), Poland (X tons), China (X tons), Peru (X tons), Zambia (X tons), Belgium (X tons) and the Philippines (X tons) - together made up 23% of total exports.

Exports from Chile decreased at an average annual rate of -2.6% from 2012 to 2021. At the same time, the Philippines (+14.6%), Democratic Republic of the Congo (+13.0%), South Korea (+7.3%), Russia (+6.7%) and Japan (+1.2%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing exporter exported in the world, with a CAGR of +14.6% from 2012-2021. Australia, Peru, Kazakhstan, China and Belgium experienced a relatively flat trend pattern. By contrast, Poland (-1.4%) and Zambia (-11.9%) illustrated a downward trend over the same period. Democratic Republic of the Congo (+7.1 p.p.), Russia (+2 p.p.), the Philippines (+1.7 p.p.) and South Korea (+1.6 p.p.) significantly strengthened its position in terms of the global exports, while Zambia and Chile saw its share reduced by -5.3% and -6.8% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Chile ($X) remains the largest refined copper supplier worldwide, comprising 25% of global exports. The second position in the ranking was taken by Democratic Republic of the Congo ($X), with an 11% share of global exports. It was followed by Japan, with a 6.5% share.

In Chile, refined copper exports remained relatively stable over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Democratic Republic of the Congo (+15.1% per year) and Japan (+2.7% per year).

Export Prices by Country

In 2021, the average refined copper export price amounted to $X per ton, growing by 49% against the previous year. Overall, export price indicated a modest increase from 2012 to 2021: its price increased at an average annual rate of +1.6% 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 +52.2% 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 ($X per ton) and Chile ($X per ton), while Russia ($X per ton) and Australia ($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 global leaders experienced more modest paces of growth.

Refined Copper Imports

Imports

In 2021, the amount of refined copper (unwrought, not alloyed) imported worldwide dropped to X tons, remaining stable against the previous year's figure. The total import volume increased at an average annual rate of +1.4% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2020 when imports increased by 8.1% against the previous year. As a result, imports reached the peak of X tons, leveling off in the following year.

In value terms, refined copper imports surged to $X in 2021. Overall, total imports indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +3.0% 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 +60.8% against 2019 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

China was the key importer of refined copper (unwrought, not alloyed) in the world, with the volume of imports resulting at X tons, which was approx. 37% of total imports in 2021. The United States (X tons) took a 9.4% share (based on physical terms) of total imports, which put it in second place, followed by Italy (6.3%) and Germany (5.6%). Taiwan (Chinese) (X tons), Thailand (X tons), the United Arab Emirates (X tons), Turkey (X tons), South Korea (X tons), Brazil (X tons), Malaysia (X tons), the Netherlands (X tons) and France (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 Netherlands (+25.8%), the United Arab Emirates (+25.2%), Thailand (+4.6%), the United States (+4.2%) and Malaysia (+1.3%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest-growing importer imported in the world, with a CAGR of +25.8% from 2012-2021. South Korea, Italy, Taiwan (Chinese) and Turkey experienced a relatively flat trend pattern. By contrast, Brazil (-1.1%), France (-1.6%) and Germany (-2.0%) illustrated a downward trend over the same period. The United Arab Emirates (+3 p.p.), the United States (+2 p.p.) and the Netherlands (+1.8 p.p.) significantly strengthened its position in terms of the global imports, while Germany and China saw its share reduced by -2.1% and -2.7% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported refined copper (unwrought, not alloyed) worldwide, comprising 37% of global imports. The second position in the ranking was held by the United States ($X), with a 9.5% share of global imports. It was followed by Italy, with a 6.3% share.

In China, refined copper imports increased at an average annual rate of +2.3% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: the United States (+6.0% per year) and Italy (+2.3% per year).

Import Prices by Country

The average refined copper import price stood at $X per ton in 2021, surging by 48% against the previous year. In general, import price indicated a modest expansion from 2012 to 2021: its price increased at an average annual rate of +1.5% 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 +49.4% against 2019 indices. As a result, import price attained 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 Brazil ($X per ton) and Germany ($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 Netherlands (+2.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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