Commodities Buzz: Global Refined Copper Usage Up 1.4% In 2021 Says ICSG

23 Mar 2022 , 12:02 PM

The International Copper Study Group (ICSG) released preliminary data for December world copper supply and demand in its March 2022 Copper Bulletin yesterday. It noted that world copper mine production increased by about 2.2% in 2021, with concentrate production increasing by around 3.7% and solvent extraction-electrowinning (SX-EW) declining by about 3.9%. Mine production grew by around 2.3% in 2021 but this compares to a low 2020 basis when the copper mining industry was severely impacted by the global lockdown. Average annual growth over 2019-2020 was only 0.3%.

Preliminary data indicates that world refined copper production increased by about 1.4% in 2021 with primary production (electrolytic and electrowinning) up by 0.6% and secondary production (from scrap) up by 6%. Preliminary official Chinese refined production data indicates a rise of 4.5% in 2021, mainly due to 8% growth in the 1st half compared to a low 1st half 2020 when production was constrained by Covid-19 related issues. Chilean total refined copper production (electrolytic and electrowinning) declined by 2.4% mostly impacted by a 3.6% reduction in electrowinning refined production.

The world apparent refined copper usage grew by about 1.4% in 2021. World ex-China refined usage is estimated to have increased by about 8.5% in 2021 but remained 1.8% below that of 2019. The preliminary world refined copper balance in 2021 indicates an apparent deficit of about 475,000 t, says ICSG.

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