Chile: Market for Copper Ores And Concentrates 2024

Market Size for Copper Ores And Concentrates in Chile

In 2021, the Chilean copper ores and concentrates market increased by 9.2% to $X, rising for the second year in a row after three years of decline. In general, consumption, however, continues to indicate a deep reduction. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Production of Copper Ores And Concentrates in Chile

In value terms, copper ores and concentrates production dropped slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.1% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2019 with an increase of 4%. Copper ores and concentrates production peaked at $X in 2020, and then reduced modestly in the following year.

Exports of Copper Ores And Concentrates

Exports from Chile

In 2021, overseas shipments of copper ores and concentrates decreased by -1.3% to X tons, falling for the second year in a row after three years of growth. The total export volume increased at an average annual rate of +4.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 when exports increased by 19%. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, copper ores and concentrates exports skyrocketed to $X in 2021. Overall, exports, however, continue to indicate a resilient expansion. As a result, the exports attained 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 Chile, with a 67% share of total exports. Moreover, copper ores and concentrates exports to China exceeded the volume sent to the second major destination, Japan (X tons), fourfold. South Korea (X tons) ranked third in terms of total exports with a 3.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China stood at +15.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-4.1% per year) and South Korea (-6.6% per year).

In value terms, China ($X) remains the key foreign market for copper ores and concentrates exports from Chile, comprising 67% of total exports. The second position in the ranking was taken by Japan ($X), with a 15% share of total exports. It was followed by South Korea, with a 3.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China totaled +18.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-1.3% per year) and South Korea (-4.1% per year).

Export Prices by Country

The average copper ores and concentrates export price stood at $X per ton in 2021, with an increase of 39% against the previous year. Overall, export price indicated a perceptible increase from 2012 to 2021: its price increased at an average annual rate of +2.8% 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 +67.4% against 2019 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major external markets. In 2021, the highest price was recorded for prices to Spain ($X per ton) and Germany ($X per ton), while the average price for exports to South Korea ($X per ton) and India ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Brazil (+3.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Copper Ores And Concentrates

Imports into Chile

In 2021, the amount of copper ores and concentrates imported into Chile declined to X tons, shrinking by -2.2% on the previous year. Overall, imports faced a dramatic curtailment. The pace of growth appeared the most rapid in 2020 with an increase of 205%. Over the period under review, imports reached the maximum at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, copper ores and concentrates imports skyrocketed to $X in 2021. Over the period under review, imports saw a dramatic decline. The pace of growth appeared the most rapid in 2020 with an increase of 239% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Brazil (X tons) constituted the largest copper ores and concentrates supplier to Chile, accounting for a 73% share of total imports. Moreover, copper ores and concentrates imports from Brazil exceeded the figures recorded by the second-largest supplier, Peru (X tons), threefold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Brazil totaled +248.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Peru (-32.4% per year) and Canada (-61.9% per year).

In value terms, Brazil ($X) constituted the largest supplier of copper ores and concentrates to Chile, comprising 81% of total imports. The second position in the ranking was held by Peru ($X), with a 17% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Brazil stood at +269.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Peru (-34.8% per year) and Canada (-61.6% per year).

Import Prices by Country

In 2021, the average copper ores and concentrates import price amounted to $X per ton, picking up by 29% against the previous year. Over the period under review, import price indicated notable growth from 2012 to 2021: its price increased at an average annual rate of +2.2% 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 import price increased by +126.3% against 2016 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+6.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform