By Paul Ploumis (ScrapMonster Author)
March 22, 2016 01:05:49 AM
SPOKANE (Scrap Monster): The International Copper Study Group (ICSG) has released preliminary data for the month of December last year in its March 2016 Copper Bulletin. According to preliminary ICSG data, copper production and usage data points to a marginal production deficit of nearly 47,000 metric tonnes.
The refined copper market balance for the month of December ‘15 showed an apparent production deficit of nearly 47,000 metric tonnes. The production deficit for the month, after making seasonal adjustments for global refined copper production and usage, stood at 163,000 metric tonnes. The refined copper balance for the full year 2015 ended in production deficit of around 57,000 metric tonnes as compared with a deficit of around 420,000 tonnes during 2014.
World refined production increased by nearly 1.6% (nearly 350,000 t) during the entire year 2015 in comparison with 2014. Primary production was up 2%, whereas the secondary production held steady. The refined copper production during the month witnessed significant growth of 4.0% in China. The production by the US witnessed an increase of 4%. On the other hand, the refined copper output by Chile and Japan dropped by 1.5% and 4.5% respectively. The African and Asian region recorded 1% and 3% rise in refined copper production respectively. On the other hand, refined output declined by 4% in the Oceania region.
The world copper mine production has increased by around 3.5% (nearly 650,000 t) during 2015. Concentrate production was up 4% during the period. The mine output from Peru and Indonesia recovered during this period. The mine production by Peru-the world’s third largest copper mine producer, increased by 53%. The production remained more or less unchanged in Chile during the year. Region-wise, Asia recorded 8% rise in production. Also South America and North America recorded 4.5% and 2.5% increased output respectively. On the other hand, Africa and Oceania region recorded production decline of 1.5% and 3.5% respectively.
Meantime, global usage of the metal is estimated to have remained flat during January to December in 2015. The Chinese apparent demand increased marginally by nearly 3%. The usage by world countries excluding China has dropped by 3%. The Russian apparent usage dropped sharply by 47% whereas the EU demand declined 2%. Japanese apparent demand too witnessed sharp decline of 7%.