Global refined copper consumption rebounds by around 3% in H1CY22

World's refined copper consumption rebounded by around 3% in H1CY22, as per International Copper Study Group (ICSG) data maintained by SteelMint. The consumption volumes were recorded at 12.75 mnt in the first half of CY22 against 12.42 mnt in H1CY21.

The usage has improved despite lower mining capacity utilisation ratio of around 2%. Factors behind the increase in consumption were better economic activities followed by the rise in monthly industrial power generation by 1.5% along with the rebound in retail sales of consumer goods by 0.53% in June.

It is to be noted that during H1, the consumption has outstripped output, showing a deficit of 0.072 mnt. Refined copper production in the first half was recorded at 12.68 mnt, up 3.18% y-o-y.

Out of this, primary production i.e. from mining was up by 4.12% y-o-y to 10.67 mnt whereas secondary output i.e. from scrap recycling was at 2mnt, down by 1.52% compared to the same period last year.

Mining capacity utilisation proportionate was down by 1.86% to 79.3 mnt in H1CY22 against 80.8 mnt in H1CY21, whereas, world copper mining capacity was recorded at 13.43 mnt, a jump of 5% against 12.789 mnt in the same period last year.

With regards to mining, concentrate production increased by around 2.3% and solvent extraction-electrowinning (SX-EW) was up by about 6.5%, as per ICSG.