Brazil: Refined Copper Market 2024

Refined Copper Market Size in Brazil

For the third consecutive year, the Brazilian refined copper market recorded growth in sales value, which increased by 1.8% to $X in 2022. Overall, consumption continues to indicate slight growth. Over the period under review, the market attained the maximum level in 2022 and is expected to retain growth in the near future.

Refined Copper Production in Brazil

In value terms, refined copper production totaled $X in 2022 estimated in export price. Overall, production, however, continues to indicate a buoyant expansion. The pace of growth appeared the most rapid in 2015 with an increase of 20% against the previous year. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Refined Copper Exports

Exports from Brazil

In 2022, approx. X tons of refined copper (unwrought, not alloyed) were exported from Brazil; shrinking by -96.5% compared with the previous year. In general, exports faced a sharp downturn. The pace of growth appeared the most rapid in 2013 when exports increased by 438%. Over the period under review, the exports attained the peak figure at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, refined copper exports declined markedly to $X in 2022. Over the period under review, exports recorded a precipitous contraction. The pace of growth appeared the most rapid in 2013 with an increase of 393%. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

China (X tons), Singapore (X tons) and Switzerland (X tons) were the main destinations of refined copper exports from Brazil, with a combined 94% share of total exports. Germany lagged somewhat behind, comprising a further 5.4%.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +11.5%), while shipments for the other leaders experienced a decline.

In value terms, the largest markets for refined copper exported from Brazil were China ($X), Singapore ($X) and Switzerland ($X), with a combined 94% share of total exports. These countries were followed by Germany, which accounted for a further 5.1%.

Among the main countries of destination, Germany, with a CAGR of +14.5%, 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 a decline.

Export Prices by Country

The average refined copper export price stood at $X per ton in 2022, picking up by 18% against the previous year. Overall, export price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined copper export price increased by +99.2% against 2020 indices. The pace of growth was the most pronounced in 2021 an increase of 69%. The export price peaked in 2022 and is likely to see steady growth in years to come.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Singapore ($X per ton) and Germany ($X per ton), while the average price for exports to China ($X per ton) and Switzerland ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (+17.9%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Copper Imports

Imports into Brazil

In 2022, overseas purchases of refined copper (unwrought, not alloyed) decreased by -3.6% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports saw a slight decline. The most prominent rate of growth was recorded in 2021 with an increase of 26%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, refined copper imports dropped to $X in 2022. In general, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 83%. As a result, imports reached the peak of $X, and then reduced in the following year.

Imports by Country

In 2022, Chile (X tons) constituted the largest refined copper supplier to Brazil, accounting for a 79% share of total imports. Moreover, refined copper imports from Chile exceeded the figures recorded by the second-largest supplier, Peru (X tons), fourfold.

From 2012 to 2022, the average annual growth rate of volume from Chile totaled -1.2%.

In value terms, Chile ($X) constituted the largest supplier of refined copper (unwrought, not alloyed) to Brazil, comprising 79% of total imports. The second position in the ranking was taken by Peru ($X), with a 21% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Chile was relatively modest.

Import Prices by Country

In 2022, the average refined copper import price amounted to $X per ton, with a decrease of -4.9% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 46% against the previous year. As a result, import price attained the peak level of $X per ton, and then reduced modestly in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Peru ($X per ton), while the price for Chile stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Peru (+1.1%).

Source: IndexBox Platform

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