Asia: Refined Copper Market 2024

Refined Copper Market Size in Asia

In 2022, the Asian refined copper market increased by 0.4% to $X, rising for the second year in a row after two years of decline. Overall, consumption saw a relatively flat trend pattern. The level of consumption peaked in 2022 and is likely to continue growth in years to come.

Refined Copper Production in Asia

In value terms, refined copper production dropped slightly to $X in 2022 estimated in export price. In general, production recorded a slight curtailment. The most prominent rate of growth was recorded in 2017 when the production volume increased by 19% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Refined Copper Exports

Exports in Asia

In 2022, refined copper exports in Asia contracted to X tons, declining by -13.7% against the previous year's figure. Overall, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 16% against the previous year. The volume of export peaked at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, refined copper exports fell significantly to $X in 2022. Total exports indicated slight growth from 2012 to 2022: its value 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, exports increased by +24.9% against 2019 indices. The growth pace was the most rapid in 2021 when exports increased by 38% against the previous year. As a result, the exports attained the peak of $X, and then reduced dramatically in the following year.

Exports by Country

Japan (X tons) and Kazakhstan (X tons) represented roughly 50% of total exports in 2022. China (X tons) took an 11% share (based on physical terms) of total exports, which put it in second place, followed by the Philippines (9.8%), South Korea (9.7%) and Iran (5%). Uzbekistan (X tons) held a little share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by the Philippines (with a CAGR of +12.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest refined copper supplying countries in Asia were Japan ($X), Kazakhstan ($X) and China ($X), with a combined 61% share of total exports. The Philippines, South Korea, Iran and Uzbekistan lagged somewhat behind, together accounting for a further 28%.

In terms of the main exporting countries, the Philippines, with a CAGR of +14.2%, saw 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

In 2022, the export price in Asia amounted to $X per ton, dropping by -2.9% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the export price increased by 51%. As a result, the export price reached the peak level of $X per ton, and then contracted in the following year.

Average prices varied noticeably amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in China ($X per ton) and Iran ($X per ton), while Kazakhstan ($X per ton) and Japan ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uzbekistan (+6.8%), while the other leaders experienced more modest paces of growth.

Refined Copper Imports

Imports in Asia

In 2022, the amount of refined copper (unwrought, not alloyed) imported in Asia expanded sharply to X tons, surging by 6.8% on the year before. The total import volume increased at an average annual rate of +1.5% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2020 with an increase of 14% against the previous year. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, refined copper imports rose to $X in 2022. Total imports indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +2.6% 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 +52.7% against 2019 indices. The pace of growth was the most pronounced in 2021 with an increase of 29%. Over the period under review, imports attained the peak figure in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

China prevails in imports structure, resulting at X tons, which was approx. 65% of total imports in 2022. Taiwan (Chinese) (X tons) took a 6.3% share (based on physical terms) of total imports, which put it in second place, followed by Turkey (6%), Thailand (5.8%) and South Korea (5.4%). The following importers - India (X tons) and Malaysia (X tons) - each recorded a 5.2% share of total imports.

Imports into China increased at an average annual rate of +2.0% from 2012 to 2022. At the same time, India (+23.6%), Thailand (+4.4%), South Korea (+1.4%) and Turkey (+1.0%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing importer imported in Asia, 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. From 2012 to 2022, the share of China and India increased by +3.1 and +2.3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported refined copper (unwrought, not alloyed) in Asia, comprising 65% of total imports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 6.3% share of total imports. It was followed by Thailand, with a 6% share.

In China, refined copper imports increased at an average annual rate of +3.2% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+0.3% per year) and Thailand (+5.7% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2022, declining by -4.3% against the previous year. Import price indicated a slight increase 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 +45.3% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 49%. As a result, import price reached the peak level of $X per ton, and then contracted 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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