GCC: Copper Matte Market 2024

Copper Matte Market Size in GCC

After two years of decline, the GCC copper matte market increased by 44% to $X in 2022. The market value increased at an average annual rate of +2.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market remained at a somewhat lower figure.

Copper Matte Production in GCC

In value terms, copper matte production stood at $X in 2022 estimated in export price. In general, production, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the production volume increased by 12%. Over the period under review, production hit record highs at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Copper Matte Exports

Exports in GCC

In 2022, the amount of copper mattes and cement copper exported in GCC reduced dramatically to X tons, waning by -76% against 2021 figures. Over the period under review, exports, however, posted a prominent increase. The pace of growth appeared the most rapid in 2017 when exports increased by 520%. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, copper matte exports declined dramatically to $X in 2022. In general, exports, however, recorded a resilient increase. The most prominent rate of growth was recorded in 2015 with an increase of 334% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United Arab Emirates dominates exports structure, accounting for X tons, which was approx. 95% of total exports in 2022. It was distantly followed by Bahrain (X tons), committing a 5.1% share of total exports.

Exports from the United Arab Emirates increased at an average annual rate of +9.2% from 2012 to 2022. At the same time, Bahrain (+35.5%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing exporter exported in GCC, with a CAGR of +35.5% from 2012-2022. From 2012 to 2022, the share of Bahrain increased by +4.5 percentage points.

In value terms, the United Arab Emirates ($X) remains the largest copper matte supplier in GCC, comprising 94% of total exports. The second position in the ranking was held by Bahrain ($X), with a 6.2% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates totaled +7.3%.

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, which is down by -18.1% against the previous year. Overall, the export price showed a slight curtailment. The most prominent rate of growth was recorded in 2021 an increase of 64% against the previous year. Over the period under review, the export prices reached the maximum at $X per ton in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Bahrain ($X per ton), while the United Arab Emirates amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (-1.7%).

Copper Matte Imports

Imports in GCC

In 2022, the amount of copper mattes and cement copper imported in GCC skyrocketed to X tons, picking up by 31% compared with 2021 figures. Over the period under review, imports posted a significant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 1,013% against the previous year. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, copper matte imports totaled $X in 2022. In general, imports posted a significant expansion. The pace of growth was the most pronounced in 2013 with an increase of 1,370%. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

The United Arab Emirates represented the key importer of copper mattes and cement copper in GCC, with the volume of imports recording X tons, which was near 45% of total imports in 2022. It was distantly followed by Oman (X tons), Saudi Arabia (X tons) and Kuwait (X tons), together generating a 53% share of total imports. Bahrain (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to copper matte imports into the United Arab Emirates stood at +49.2%. At the same time, Saudi Arabia (+64.6%), Kuwait (+36.5%), Bahrain (+35.3%) and Oman (+19.5%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing importer imported in GCC, with a CAGR of +64.6% from 2012-2022. The United Arab Emirates (+29 p.p.), Saudi Arabia (+18 p.p.) and Kuwait (+1.9 p.p.) significantly strengthened its position in terms of the total imports, while Oman saw its share reduced by -49% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Oman ($X), the United Arab Emirates ($X) and Saudi Arabia ($X) constituted the countries with the highest levels of imports in 2022, together accounting for 83% of total imports.

The United Arab Emirates, with a CAGR of +38.7%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, shrinking by -18.2% against the previous year. Overall, the import price showed a abrupt descent. The most prominent rate of growth was recorded in 2021 when the import price increased by 56%. Over the period under review, import prices reached the maximum at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Bahrain ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+9.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform