Australia: Market for Copper Ores And Concentrates 2024

Market Size for Copper Ores And Concentrates in Australia

In 2021, after two years of growth, there was significant decline in the Australian copper ores and concentrates market, when its value decreased by -27.9% to $X. In general, consumption, however, recorded a resilient increase. Copper ores and concentrates consumption peaked at $X in 2020, and then declined markedly in the following year.

Production of Copper Ores And Concentrates in Australia

In value terms, copper ores and concentrates production fell modestly to $X in 2021 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the production volume increased by 8.8% against the previous year. As a result, production reached the peak level of $X, and then declined in the following year.

Exports of Copper Ores And Concentrates

Exports from Australia

In 2021, overseas shipments of copper ores and concentrates were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Overall, exports, however, continue to indicate a noticeable curtailment. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, copper ores and concentrates exports soared to $X in 2021. In general, exports recorded a relatively flat trend pattern. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X tons) was the main destination for copper ores and concentrates exports from Australia, with a 33% share of total exports. Moreover, copper ores and concentrates exports to China exceeded the volume sent to the second major destination, Japan (X tons), threefold. South Korea (X tons) ranked third in terms of total exports with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China totaled -2.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-9.7% per year) and South Korea (+2.1% per year).

In value terms, the largest markets for copper ores and concentrates exported from Australia were China ($X), Japan ($X) and South Korea ($X), together comprising 41% of total exports. These countries were followed by India, the Philippines, Finland and Taiwan (Chinese), which together accounted for a further 13%.

Finland, with a CAGR of +537.3%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2021, the average copper ores and concentrates export price amounted to $X per ton, growing by 43% against the previous year. Overall, export price indicated a notable increase from 2012 to 2021: its price increased at an average annual rate of +3.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, copper ores and concentrates export price increased by +87.0% against 2016 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was India ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Finland (+24.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Copper Ores And Concentrates

Imports into Australia

In 2021, copper ores and concentrates imports into Australia skyrocketed to X tons, growing by 116% compared with the previous year's figure. In general, imports continue to indicate a significant expansion. The growth pace was the most rapid in 2015 with an increase of 195,345%. Imports peaked in 2021 and are likely to see gradual growth in the immediate term.

In value terms, copper ores and concentrates imports surged to $X in 2021. Over the period under review, imports enjoyed a significant increase. The pace of growth was the most pronounced in 2015 when imports increased by 535,066% against the previous year. Imports peaked in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, Chile (X tons) constituted the largest copper ores and concentrates supplier to Australia, with a 65% share of total imports. Moreover, copper ores and concentrates imports from Chile exceeded the figures recorded by the second-largest supplier, Peru (X tons), twofold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Chile was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Peru (+114.2% per year) and South Africa (0.0% per year).

In value terms, Chile ($X) constituted the largest supplier of copper ores and concentrates to Australia, comprising 48% of total imports. The second position in the ranking was taken by Peru ($X), with an 18% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Chile amounted to +9.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Peru (+150.3% per year) and South Africa (0.0% per year).

Import Prices by Country

In 2021, the average copper ores and concentrates import price amounted to $X per ton, picking up by 143% against the previous year. Overall, the import price continues to indicate a significant increase. The most prominent rate of growth was recorded in 2013 an increase of 15,267%. As a result, import price reached the peak level of $X per ton. From 2014 to 2021, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was South Africa ($X per ton), while the price for Peru ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Peru (+16.8%).

Source: IndexBox Platform