Copper Wire Price in Canada Skyrocket 24% to New Record of $11.3 per kg

Canada Copper Wire Export Price in September 2022

In September 2022, the copper wire price stood at $11.3 per kg (FOB, Canada), jumping by 24% against the previous month. Over the period from January 2022 to September 2022, it increased at an average monthly rate of +1.6%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for the United States.

From January 2022 to September 2022, the rate of growth in terms of prices for the United States amounted to +1.6% per month.

Canada Copper Wire Export Prices by Type

There were significant differences in the average prices for the major types of exported product. In September 2022, the product with the highest price was copper; wire, of copper-nickel base alloys (cupro-nickel) or copper-nickel-zinc base alloys (nickel silver) ($41.2 per kg), while the average price for exports of copper; wire, of copper alloys (other than copper-zinc base alloys, copper-nickel base alloys or copper-nickel-zinc base alloys) ($4,403 per ton) was amongst the lowest.

From January 2022 to September 2022, the most notable rate of growth in terms of prices was recorded for the following types: copper; wire, of copper-zinc base alloys (brass) (+30.1%), while the prices for the other products experienced more modest paces of growth.

Canada Copper Wire Exports

For the third consecutive month, Canada recorded decline in shipments abroad of copper wire, which decreased by -3.3% to 11K tons in September 2022. In general, exports continue to indicate a noticeable contraction. The most prominent rate of growth was recorded in March 2022 when exports increased by 33% m-o-m. As a result, the exports reached the peak of 19K tons. From April 2022 to September 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, copper wire exports skyrocketed to $125M (IndexBox estimates) in September 2022. Overall, exports showed a perceptible descent. The pace of growth was the most pronounced in March 2022 when exports increased by 34% month-to-month. As a result, the exports reached the peak of $198M. From April 2022 to September 2022, the growth of the exports failed to regain momentum.

Canada Copper Wire Exports by Type

Copper; wire, of refined copper, of which the maximum cross-sectional dimension exceeds 6mm (10K tons) was the largest type of copper wire exported from Canada, with a 91% share of total exports. Moreover, copper; wire, of refined copper, of which the maximum cross-sectional dimension exceeds 6mm exceeded the volume of the second product type, copper; wire, of refined copper, of which the maximum cross-sectional dimension is 6mm or less (1K tons), tenfold. The third position in this ranking was taken by copper; wire, of copper alloys (other than copper-zinc base alloys, copper-nickel base alloys or copper-nickel-zinc base alloys) (13 tons), with a 0.1% share.

From January 2022 to September 2022, the average monthly rate of growth in terms of the volume of export of copper; wire, of refined copper, of which the maximum cross-sectional dimension exceeds 6mm stood at -3.6%. With regard to the other exported products, the following average monthly rates of growth were recorded: copper; wire, of refined copper, of which the maximum cross-sectional dimension is 6mm or less (-2.7% per month) and copper; wire, of copper alloys (other than copper-zinc base alloys, copper-nickel base alloys or copper-nickel-zinc base alloys) (-11.1% per month).

In value terms, copper; wire, of refined copper, of which the maximum cross-sectional dimension exceeds 6mm ($112M) remains the largest type of copper wire exported from Canada, comprising 90% of total exports. The second position in the ranking was held by copper; wire, of refined copper, of which the maximum cross-sectional dimension is 6mm or less ($13M), with a 10% share of total exports. It was followed by copper; wire, of copper alloys (other than copper-zinc base alloys, copper-nickel base alloys or copper-nickel-zinc base alloys), with less than 0.1% share.

From January 2022 to September 2022, the average monthly rate of growth in terms of the export volume of copper; wire, of refined copper, of which the maximum cross-sectional dimension exceeds 6mm totaled -2.1%. With regard to the other exported products, the following average monthly rates of growth were recorded: copper; wire, of refined copper, of which the maximum cross-sectional dimension is 6mm or less (-0.6% per month) and copper; wire, of copper alloys (other than copper-zinc base alloys, copper-nickel base alloys or copper-nickel-zinc base alloys) (-17.3% per month).

Canada Copper Wire Exports by Country

the United States (11K tons) was the main destination for copper wire exports from Canada, with a approximately 99.9% share of total exports.

From January 2022 to September 2022, the average monthly rate of growth in terms of volume to the United States totaled -3.5%.

In value terms, the United States ($125M) also remains the key foreign market for copper wire exports from Canada.

From January 2022 to September 2022, the average monthly rate of growth in terms of value to the United States amounted to -1.9%.

Factors Affecting Copper Wire Prices

Copper plays an important role in the electrical and communications industries, and the price of copper wire can be a significant factor in these industries. Copper wire prices in Canada have been on the rise in recent years, due to a number of factors.

The most significant factor is the increasing demand for copper globally. This has put upward pressure on prices, as producers struggle to keep up with demand.

Another factor is the declining ore grades at many of the world's major copper mines. This has led to higher production costs, as more ore needs to be processed to produce the same amount of metal. Additionally, political uncertainty in countries like Chile and Peru, which are major producers of copper, can also lead to price volatility.

Source: IndexBox Market Intelligence Platform