Global copper mine production increased by 4.5% to 1.84 million tonne (mnt) in January, 2023 against 1.76 mnt seen in January 2022, as per the International Copper Study Group (ICSG).
ICSG released preliminary data for the first months (January) of 2023. Its report provides information on the global copper supply, demand and production aspects.
World’s copper mine production
Global copper mine production increased by 4.5% to 1.84 million tonne (mnt) in January, 2023 against 1.76 mnt seen in January 2022, as per the release. Out of this, concentrate production increased by around 3.5% and solvent extraction-electrowinning (SX-EW) output rose by about 9% y-o-y.
The largest copper-producing country, Chile, saw a hike in production by 3% compared to January 2022. The country’s concentrate production slightly grew by 0.8% in January and SX-EW output by 8%.
World’s refined copper production
Global refined copper production increased to 2.26 mnt from 2.14 mnt in January 2023. Primary production (electrolytic and electrowinning from ores) was up by 5.9% to 1.89 mnt and secondary production (from scrap) was up by 4.7% to 0.37 mnt.
China’s increased capacity was mostly contributing to the rise in global refined production.
World’s refined copper usage
Global refined copper usage increased by about 1.5% to 2.16 mnt in January 2023 from 2.13 mnt. Chinese demand (excluding changes in bonded/unreported stocks), grew by 2%. Meanwhile, usage rose in the EU but declined in both Japan and the US.
Global refined copper stocks
The study further revealed that the world’s refined copper stocks in January 2023 stood at 1.45 mnt, a sharp rise of 22% from 1.19 mnt in January 2022.
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