Canada: Refined Copper Market 2024

Refined Copper Market Size in Canada

The Canadian refined copper market contracted to $X in 2022, waning by -2.8% against the previous year. In general, consumption saw a noticeable decrease. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Refined Copper Production in Canada

In value terms, refined copper production reduced to $X in 2022 estimated in export price. In general, production saw a pronounced curtailment. The pace of growth appeared the most rapid in 2017 with an increase of 17% against the previous year. Over the period under review, production reached the maximum level at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Refined Copper Exports

Exports from Canada

Refined copper exports from Canada contracted to X tons in 2022, which is down by -14.5% compared with the previous year. In general, exports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 with an increase of 47%. Over the period under review, the exports reached the maximum at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, refined copper exports fell markedly to $X in 2022. Overall, total exports indicated a modest expansion from 2012 to 2022: its value increased at an average annual rate of +1.6% 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 +30.9% against 2019 indices. The pace of growth appeared the most rapid in 2021 with an increase of 37% against the previous year. Over the period under review, the exports reached the maximum at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for refined copper exports from Canada, with a 96% share of total exports. Moreover, refined copper exports to the United States exceeded the volume sent to the second major destination, Brazil (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States was relatively modest.

In value terms, the United States ($X) remains the key foreign market for refined copper (unwrought, not alloyed) exports from Canada, comprising 97% of total exports. The second position in the ranking was taken by Brazil ($X), with a 2.8% share of total exports.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to +1.4%.

Export Prices by Country

In 2022, the average refined copper export price amounted to $X per ton, reducing by -2.8% against the previous year. Overall, export price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.0% 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 +48.1% against 2020 indices. The growth pace was the most rapid in 2021 when the average export price increased by 52%. As a result, the export price reached the peak level of $X per ton, and then fell in the following year.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Brazil totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+1.1%).

Refined Copper Imports

Imports into Canada

In 2022, imports of refined copper (unwrought, not alloyed) into Canada declined notably to X tons, which is down by -49% against the previous year's figure. In general, imports, however, recorded significant growth. The pace of growth appeared the most rapid in 2014 when imports increased by 1,532%. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, refined copper imports declined dramatically to $X in 2022. Overall, imports, however, saw significant growth. The pace of growth appeared the most rapid in 2014 when imports increased by 1,517%. Over the period under review, imports hit record highs at $X in 2021, and then dropped remarkably in the following year.

Imports by Country

The United States (X tons), Democratic Republic of the Congo (X tons) and Chile (X tons) were the main suppliers of refined copper imports to Canada, with a combined 92% share of total imports.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +47.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest refined copper suppliers to Canada were the United States ($X), Democratic Republic of the Congo ($X) and Chile ($X), with a combined 92% share of total imports.

The United States, with a CAGR of +47.3%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average refined copper import price amounted to $X per ton, which is down by -3.2% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 32% against the previous year. As a result, import price reached the peak level of $X per ton, and then shrank in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Zambia ($X per ton) and Democratic Republic of the Congo ($X per ton), while the price for Germany ($X per ton) and Chile ($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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