Asia-Pacific: Refined Copper Market 2025

Refined Copper Market Size in Asia-Pacific

In 2022, the Asia-Pacific refined copper market increased by 0.7% to $X, rising for the second year in a row after two years of decline. The market value increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The level of consumption peaked in 2022 and is expected to retain growth in the immediate term.

Refined Copper Production in Asia-Pacific

In value terms, refined copper production shrank to $X in 2022 estimated in export price. In general, production saw a mild decline. The growth pace was the most rapid in 2017 when the production volume increased by 20% against the previous year. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Refined Copper Exports

Exports in Asia-Pacific

Refined copper exports shrank remarkably to X tons in 2022, waning by -17.9% against 2021 figures. Overall, exports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when exports increased by 12% against the previous year. The volume of export peaked at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, refined copper exports dropped rapidly to $X in 2022. Over the period under review, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 40%. As a result, the exports reached the peak of $X, and then contracted rapidly in the following year.

Exports by Country

In 2022, Japan (X tons), distantly followed by Australia (X tons), China (X tons), the Philippines (X tons) and South Korea (X tons) represented the key exporters of refined copper (unwrought, not alloyed), together constituting 89% of total exports. The following exporters - Pakistan (X tons) and Thailand (X tons) - each reached a 5.5% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +102.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), Australia ($X) and China ($X) constituted the countries with the highest levels of exports in 2022, with a combined 68% share of total exports. The Philippines, South Korea, Pakistan and Thailand lagged somewhat behind, together comprising a further 27%.

In terms of the main exporting countries, Thailand, with a CAGR of +80.8%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2022, waning by -2.9% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the export price increased by 51%. As a result, the export price attained the peak level of $X per ton, and then dropped in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Pakistan (+10.0%), while the other leaders experienced more modest paces of growth.

Refined Copper Imports

Imports in Asia-Pacific

Refined copper imports rose significantly to X tons in 2022, growing by 6.9% against 2021 figures. The total import volume increased at an average annual rate of +1.7% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The growth pace was the most rapid in 2020 with an increase of 15% against the previous year. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, refined copper imports amounted to $X in 2022. Total imports indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +83.4% against 2016 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 30%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the near future.

Imports by Country

China prevails in imports structure, resulting at X tons, which was near 71% of total imports in 2022. Taiwan (Chinese) (X tons) ranks second in terms of the total imports with a 6.9% share, followed by Thailand (6.3%) and South Korea (5.9%). India (X tons), Malaysia (X tons) and Vietnam (X tons) held a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to refined copper imports into China stood at +2.0%. At the same time, India (+23.6%), Vietnam (+4.8%), Thailand (+4.4%) and South Korea (+1.4%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +23.6% from 2012-2022. Taiwan (Chinese) experienced a relatively flat trend pattern. By contrast, Malaysia (-2.6%) illustrated a downward trend over the same period. While the share of India (+2.5 p.p.) and China (+2.2 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Taiwan (Chinese) (-2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported refined copper (unwrought, not alloyed) in Asia-Pacific, comprising 71% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 6.9% share of total imports. It was followed by Thailand, with a 6.6% share.

From 2012 to 2022, the average annual growth rate of value in China amounted to +3.2%. In the other countries, the average annual rates were as follows: Taiwan (Chinese) (+0.3% per year) and Thailand (+5.7% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2022, shrinking by -4.2% against the previous year. Import price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined copper import price increased by +45.9% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 50% against the previous year. As a result, import price reached the peak level of $X per ton, and then contracted modestly in the following year.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Thailand ($X per ton) and South Korea ($X per ton), while India ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+1.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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