July 24, 2017 03:00:15 PM
SPOKANE (Scrap Monster): The International Copper Study Group (ICSG) has announced publication of its July 2017 Copper Bulletin that provides preliminary copper data for the month of April 2017. The world apparent usage of refined copper declined during the initial four-month period of 2017, whereas refined output remained essentially flat. Meantime, world mine production declined during this period.
Market Balance
The refined copper market balance for the first four months of 2017 showed an apparent production surplus of around 80,000 metric tonnes, mainly on account of decline in Chinese apparent demand. Incidentally, China represents nearly 48% of the world refined copper usage.
Refined Copper Output
World refined copper production remained essentially unchanged during the initial four-month period of 2017. The primary production declined modestly by 2% during the period, whereas the secondary production increased considerably by 12%. The refined copper production witnessed significant jump of 6.5% and 11% in China and Mexico respectively. The production by Chile declined sharply by 16% during Jan-Apr ‘17. The other leading producers including Japan and the US too reported output declines.
On regional basis, refined output by the Africa and Asia increased by 3% and 4% respectively. The output by European region including Russia witnessed increase of 2%. On the other hand, the refined copper output by Americas region declined by 11%.
Copper Mine Output
The world copper mine production is estimated to have declined by around 3.5% during the first four months of 2017. The mine output from Chile reported significant decline of 12%, primarily on account of plunge in production volumes from strike-affected Escondida mine and lower output from Codelco mines. Canada and Mongolia reported 19% and 22% decline in concentrates output respectively, on account of lower grades.
The Mexican copper mine production witnessed 13% jump during Jan-Apr ‘17. The Peruvian concentrate output was up by 7%. Region-wise, Europe, including Russia, recorded 4% rise in production. Also Oceania recorded 7% rise in output. The Americas and Africa region recorded decline of 6% and 4% respectively in mine output. Asia recorded marginal increase of 1.5%.
Copper consumption
Meantime, global usage of the metal is estimated to have declined by around 3% during Jan-Apr ‘17. The decline in usage was mainly due to 7.0% decline in apparent usage by China. The metal usage by major consuming countries such as India, Japan and Taiwan increased, whereas the usage by the US and Germany reported decline. Region-wise, the usage by Asia increased by 3%. The Americas too reported marginal rise of 1% in copper usage. Meantime, the European demand surged higher by 6%.
