Global refined copper production up by 8% in Jan-Apr'23

Global refined copper production increased by 8% to 8.99 million tonnes (mnt) during January-April 2023 compared to 8.31 mnt in the corresponding period last year (CPLY). Similarly, primary production (electrolytic and electrowinning from ores) went up about 8% to 7.48 mnt and secondary production (from scrap) increased by 9% to 1.5 mnt, as per International Copper Study Group (ICSG).

Strong performances in China and D.R. Congo drove significant growth in global refined copper production. China's preliminary data indicated a rise of around 15%, with primary production rising by 13% and secondary production increasing by 25%. D.R. Congo saw a 12% increase, while Chile experienced a 6% decline in refined copper production.

World copper mine production

Global copper mine production inched up by 2.5% to 7.09 mnt during January-April 2023 as compared to 6.92 mnt seen in the CPLY. Out of this, concentrate production increased by around 2% and output through solvent extraction-electrowinning (SX-EW) process rose by about 5%.

Operational constraints in Chile, Indonesia, Panama, the US, and community actions in Peru limited global copper mine production growth. Chile's production declined by 1.9% due to operational issues and reduced water supply.

Despite community actions, Peru's mine production increased by 16%, driven by new projects. D.R. Congo saw a 15% growth in production, primarily due to mine expansions and new capacities.

World's refined copper usage

Global refined copper usage increased by about 3% to 8.61 mnt during the first four months of calendar year (CY) 2023 from 8.35 mnt during the same period previous year.

China's apparent demand grew by 7% while net refined copper imports declined by 12%. Refined production increased by 15%. Excluding China, world refined copper usage decreased by 2% due to lower demand in the EU, Japan, and the US.

Global refined copper stocks

The ICSG's study further revealed that world's refined copper stocks stood at 1.4 mnt during January-April 2023, a rise of 2% from 1.37 mnt in the CPLY.