Overview of the Global Market for Copper Ores And Concentrates

Market Size for Copper Ores And Concentrates

In 2021, the global copper ores and concentrates market increased by 31% to $X, rising for the fifth consecutive year after four years of decline. Overall, the total consumption indicated a temperate expansion from 2012 to 2021: its value increased at an average annual rate of +4.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +114.2% against 2016 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Copper Ores And Concentrates

In value terms, copper ores and concentrates production soared to $X in 2021 estimated in export price. In general, the total production indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +4.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +107.6% against 2016 indices. As a result, production attained the peak level and is likely to continue growth in the immediate term.

Exports of Copper Ores And Concentrates

Exports

In 2021, shipments abroad of copper ores and concentrates was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. In general, total exports indicated a remarkable increase from 2012 to 2021: its volume increased at an average annual rate of +6.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2016 when exports increased by 21%. Over the period under review, the global exports reached the maximum in 2021 and are likely to continue growth in the immediate term.

In value terms, copper ores and concentrates exports skyrocketed to $X in 2021. Over the period under review, total exports indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +6.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +44.8% against 2018 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, Peru (X tons), distantly followed by Chile (X tons), Indonesia (X tons), Australia (X tons), Mexico (X tons) and Panama (X tons) were the main exporters of copper ores and concentrates, together creating 57% of total exports. Mongolia (X tons), Brazil (X tons), Kazakhstan (X tons), Spain (X tons), Russia (X tons), South Korea (X tons) and Canada (X tons) followed a long way behind the leaders.

Exports from Peru increased at an average annual rate of +6.3% from 2012 to 2021. At the same time, Panama (+811.8%), South Korea (+50.7%), Russia (+34.1%), Mexico (+11.6%), Mongolia (+10.8%), Indonesia (+7.9%), Brazil (+6.4%), Chile (+4.3%), Canada (+3.5%), Kazakhstan (+3.4%) and Spain (+1.9%) displayed positive paces of growth. Moreover, Panama emerged as the fastest-growing exporter exported in the world, with a CAGR of +811.8% from 2012-2021. By contrast, Australia (-2.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Panama, Mongolia, Mexico, Russia and South Korea increased by +4.5, +4.4, +1.9, +1.9 and +1.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Chile ($X), Peru ($X) and Australia ($X) appeared to be the countries with the highest levels of exports in 2021, together comprising 54% of global exports. Indonesia, Canada, Mexico, Brazil, Panama, Mongolia, Kazakhstan, Russia, South Korea and Spain lagged somewhat behind, together comprising a further 30%.

Panama, with a CAGR of +1,062.7%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average copper ores and concentrates export price amounted to $X per ton, growing by 33% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Panama (+27.5%), while the other global leaders experienced more modest paces of growth.

Imports of Copper Ores And Concentrates

Imports

For the tenth consecutive year, the global market recorded growth in overseas purchases of copper ores and concentrates, which increased by 3.9% to X tons in 2021. In general, total imports indicated strong growth from 2012 to 2021: its volume increased at an average annual rate of +6.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +72.6% against 2012 indices. The pace of growth was the most pronounced in 2013 when imports increased by 19%. Over the period under review, global imports attained the maximum in 2021 and are likely to continue growth in years to come.

In value terms, copper ores and concentrates imports skyrocketed to $X in 2021. Overall, total imports indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +7.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +117.8% against 2016 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

China was the largest importing country with an import of around X tons, which finished at 60% of total imports. Japan (X tons) held the second position in the ranking, distantly followed by South Korea (X tons). All these countries together held near 18% share of total imports. The following importers - Germany (X tons), Spain (X tons), India (X tons) and Bulgaria (X tons) - together made up 10% of total imports.

China was also the fastest-growing in terms of the copper ores and concentrates imports, with a CAGR of +12.9% from 2012 to 2021. At the same time, South Korea (+2.5%) and Bulgaria (+1.7%) displayed positive paces of growth. Japan and Germany experienced a relatively flat trend pattern. By contrast, Spain (-3.1%) and India (-7.9%) illustrated a downward trend over the same period. China (+25 p.p.) significantly strengthened its position in terms of the global imports, while South Korea, Germany, Spain, India and Japan saw its share reduced by -2%, -2.5%, -3.8%, -6.1% and -9.9% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported copper ores and concentrates worldwide, comprising 59% of global imports. The second position in the ranking was held by Japan ($X), with a 14% share of global imports. It was followed by South Korea, with a 6.3% share.

From 2012 to 2021, the average annual growth rate of value in China stood at +14.4%. The remaining importing countries recorded the following average annual rates of imports growth: Japan (+1.4% per year) and South Korea (+3.1% per year).

Import Prices by Country

The average copper ores and concentrates import price stood at $X per ton in 2021, with an increase of 38% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major importing countries. In 2021, major importing countries recorded the following prices: in South Korea ($X per ton) and India ($X per ton), while Bulgaria ($X per ton) and Spain ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+1.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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