By Paul Ploumis (ScrapMonster Author)
April 22, 2016 07:52:55 AM
SPOKANE (Scrap Monster): The International Copper Study Group (ICSG) has released preliminary data for the month of January this in its April 2016 Copper Bulletin. According to preliminary ICSG data, copper production and usage data points to an apparent production surplus of nearly 56,000 metric tonnes.
The refined copper market balance for the month of January ‘16 showed an apparent production surplus of nearly 56,000 metric tonnes. The production surplus for the month, after making seasonal adjustments for global refined copper production and usage, stood at 50,000 metric tonnes. The refined copper balance for the first month of the year ended in production surplus of around 56,000 metric tonnes as compared with a surplus of around 15,000 tonnes during January 2015.
World refined production increased by nearly 7% (nearly 130,000 t) during January 2016 in comparison with January last year. Primary production was up 7%, whereas the secondary production was up by 6%. The refined copper production during the month witnessed significant growth of 14.0% in China. The production by the US witnessed an increase of 30%. The other regions to report rise in refined output were Asia (+10%) and Oceania (+20%). On the other hand, the refined copper output by African region declined by 12% whereas those by Europe remained flat.
The world copper mine production has increased by around 2% (nearly 300,000 t) during Jan ‘16. Concentrate production was up 2.5% during the period. The mine output from Peru and Indonesia recovered during this period. The production declined by 11% in Chile during the month. Region-wise, Asia recorded 11% rise in production. Also Americas and Oceania recorded 1% and 1.5% increased output respectively. On the other hand, Europe and African region recorded production decline of 1.5% and 6% respectively.
Meantime, global usage of the metal is estimated to have increased by around 4.5% during January 2016 in comparison with the year before. The Chinese apparent demand increased sharply by 16%. The usage by world countries excluding China has dropped by 5%. The European demand declined by 3%. The apparent demand by Americas too declined considerably by 7%.