Bulgaria: Refined Copper Market 2024

Refined Copper Market Size in Bulgaria

The Bulgarian refined copper market reached $X in 2022, with an increase of 13% against the previous year. Overall, consumption, however, continues to indicate a relatively flat trend pattern. Refined copper consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Refined Copper Production in Bulgaria

In value terms, refined copper production totaled $X in 2022 estimated in export price. Over the period under review, production, however, showed a noticeable contraction. The pace of growth appeared the most rapid in 2020 when the production volume increased by 16% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Refined Copper Exports

Exports from Bulgaria

Refined copper exports from Bulgaria dropped modestly to X tons in 2022, shrinking by -1.6% compared with 2021 figures. Overall, exports recorded a slight curtailment. The pace of growth was the most pronounced in 2020 when exports increased by 16% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, refined copper exports fell to $X in 2022. Over the period under review, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 46% against the previous year. As a result, the exports reached the peak of $X, and then fell in the following year.

Exports by Country

Italy (X tons), Turkey (X tons) and China (X tons) were the main destinations of refined copper exports from Bulgaria, with a combined 83% share of total exports. Croatia, Serbia and Egypt lagged somewhat behind, together comprising a further 16%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Croatia (with a CAGR of +16.2%), while the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), Turkey ($X) and China ($X) were the largest markets for refined copper exported from Bulgaria worldwide, with a combined 83% share of total exports. Croatia, Serbia and Egypt lagged somewhat behind, together comprising a further 16%.

Among the main countries of destination, Croatia, with a CAGR of +17.6%, recorded the highest growth rate of 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 average refined copper export price amounted to $X per ton, with a decrease of -5.2% against the previous year. In general, the export price, however, showed a slight increase. The most prominent rate of growth was recorded in 2021 when the average export price increased by 50%. As a result, the export price reached the peak level of $X per ton, and then shrank in the following year.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Turkey ($X per ton) and Italy ($X per ton), while the average price for exports to Serbia ($X per ton) and China ($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 Croatia (+1.2%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Copper Imports

Imports into Bulgaria

In 2022, purchases abroad of refined copper (unwrought, not alloyed) decreased by -2.5% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports, however, showed resilient growth. The pace of growth appeared the most rapid in 2013 when imports increased by 89% against the previous year. Over the period under review, imports attained the maximum at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, refined copper imports dropped slightly to $X in 2022. In general, imports, however, saw a resilient expansion. The most prominent rate of growth was recorded in 2017 with an increase of 143%. Over the period under review, imports attained the peak figure at $X in 2021, and then reduced modestly in the following year.

Imports by Country

In 2022, Russia (X tons) constituted the largest refined copper supplier to Bulgaria, with a 33% share of total imports. Moreover, refined copper imports from Russia exceeded the figures recorded by the second-largest supplier, Tanzania (X tons), threefold. The Netherlands (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Russia totaled +12.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Tanzania (+33.8% per year) and the Netherlands (+88.5% per year).

In value terms, Russia ($X) constituted the largest supplier of refined copper (unwrought, not alloyed) to Bulgaria, comprising 34% of total imports. The second position in the ranking was held by Tanzania ($X), with a 13% share of total imports. It was followed by the Netherlands, with a 12% share.

From 2012 to 2022, the average annual growth rate of value from Russia stood at +13.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Tanzania (+41.4% per year) and the Netherlands (+81.3% per year).

Import Prices by Country

In 2022, the average refined copper import price amounted to $X per ton, shrinking by -2.1% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 48%. As a result, import price attained the peak level of $X per ton, and then dropped modestly in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from the Netherlands ($X per ton) and Russia ($X per ton), while the price for South Africa ($X per ton) and Turkey ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Tanzania (+5.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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