Asia: Copper Market 2024

Copper Market Size in Asia

In 2022, the Asian copper market increased by 2.2% to $X, rising for the second consecutive year after two years of decline. The total consumption indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +7.2% against 2020 indices. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Copper Production in Asia

In value terms, copper production shrank to $X in 2022 estimated in export price. Overall, production, however, enjoyed a moderate increase. The pace of growth appeared the most rapid in 2018 when the production volume increased by 75%. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

Copper Exports

Exports in Asia

In 2022, overseas shipments of copper decreased by -10.8% to X tons for the first time since 2018, thus ending a three-year rising trend. In general, exports, however, continue to indicate a buoyant expansion. The pace of growth appeared the most rapid in 2020 when exports increased by 128%. The volume of export peaked at X tons in 2021, and then dropped in the following year.

In value terms, copper exports reduced to $X in 2022. Over the period under review, exports, however, continue to indicate a strong increase. The pace of growth appeared the most rapid in 2020 when exports increased by 115%. The level of export peaked at $X in 2021, and then declined in the following year.

Exports by Country

In 2022, South Korea (X tons) was the main exporter of copper, mixing up 48% of total exports. It was distantly followed by Pakistan (X tons), Cambodia (X tons), Taiwan (Chinese) (X tons), Thailand (X tons) and the United Arab Emirates (X tons), together mixing up a 39% share of total exports. The Philippines (X tons) and Iran (X tons) took a relatively small share of total exports.

From 2012 to 2022, average annual rates of growth with regard to copper exports from South Korea stood at +46.7%. At the same time, Pakistan (+101.1%), the Philippines (+84.4%), Thailand (+79.6%), Taiwan (Chinese) (+11.4%), Cambodia (+9.6%) and the United Arab Emirates (+2.2%) displayed positive paces of growth. Moreover, Pakistan emerged as the fastest-growing exporter exported in Asia, with a CAGR of +101.1% from 2012-2022. By contrast, Iran (-2.0%) illustrated a downward trend over the same period. While the share of South Korea (+46 p.p.), Pakistan (+19 p.p.), Cambodia (+5.5 p.p.), Thailand (+4.6 p.p.) and the Philippines (+3.8 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of the United Arab Emirates (-5.2 p.p.) and Iran (-5.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Korea ($X) remains the largest copper supplier in Asia, comprising 52% of total exports. The second position in the ranking was held by Pakistan ($X), with a 20% share of total exports. It was followed by Cambodia, with a 5.1% share.

In South Korea, copper exports increased at an average annual rate of +54.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Pakistan (+111.9% per year) and Cambodia (+25.9% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, declining by -2.8% against the previous year. In general, the export price continues to indicate a pronounced contraction. The most prominent rate of growth was recorded in 2021 an increase of 45%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the Philippines ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cambodia (+14.8%), while the other leaders experienced more modest paces of growth.

Copper Imports

Imports in Asia

In 2022, approx. X tons of copper were imported in Asia; jumping by 20% against the previous year's figure. Overall, imports posted a prominent expansion. The pace of growth appeared the most rapid in 2016 with an increase of 40%. Over the period under review, imports reached the maximum in 2022 and are likely to see steady growth in the near future.

In value terms, copper imports surged to $X in 2022. In general, imports enjoyed a resilient expansion. The growth pace was the most rapid in 2021 with an increase of 37%. The level of import peaked in 2022 and is likely to see gradual growth in years to come.

Imports by Country

China represented the main importing country with an import of about X tons, which resulted at 81% of total imports. It was distantly followed by India (X tons), mixing up a 15% share of total imports. South Korea (X tons) took a relatively small share of total imports.

From 2012 to 2022, average annual rates of growth with regard to copper imports into China stood at +8.4%. At the same time, India (+22.7%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing importer imported in Asia, with a CAGR of +22.7% from 2012-2022. By contrast, South Korea (-2.4%) illustrated a downward trend over the same period. While the share of India (+11 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of China (-2.3 p.p.) and South Korea (-6.5 p.p.) displayed negative dynamics.

In value terms, China ($X) constitutes the largest market for imported copper in Asia, comprising 81% of total imports. The second position in the ranking was held by India ($X), with a 16% share of total imports.

From 2012 to 2022, the average annual growth rate of value in China stood at +9.5%. In the other countries, the average annual rates were as follows: India (+23.9% per year) and South Korea (-4.1% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2022, which is down by -2% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by 42% against the previous year. As a result, import price attained the peak level of $X per ton, and then shrank modestly in the following year.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was India ($X per ton), while South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+1.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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