Global Refined Copper Market 2025

Refined Copper Market Size

The global refined copper market fell slightly to $X in 2022, stabilizing at the previous year. Overall, consumption, however, saw a relatively flat trend pattern. As a result, consumption reached the peak level of $X, leveling off in the following year.

Refined Copper Production

In value terms, refined copper production dropped to $X in 2022 estimated in export price. In general, production showed a mild reduction. The most prominent rate of growth was recorded in 2017 with an increase of 12%. Over the period under review, global production attained the peak level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Refined Copper Exports

Exports

In 2022, global exports of refined copper (unwrought, not alloyed) contracted to X tons, dropping by -6% against 2021 figures. Over the period under review, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 10%. Over the period under review, the global exports attained the peak figure at X tons in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, refined copper exports shrank to $X in 2022. Overall, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 38%. As a result, the exports reached the peak of $X, and then fell in the following year.

Exports by Country

In 2022, Chile (X tons), distantly followed by Democratic Republic of the Congo (X tons), Japan (X tons), Russia (X tons) and Kazakhstan (X tons) represented the key exporters of refined copper (unwrought, not alloyed), together comprising 57% of total exports. The following exporters - Australia (X tons), Peru (X tons), Poland (X tons), China (X tons), the Philippines (X tons), South Korea (X tons), Germany (X tons) and Bulgaria (X tons) - together made up 23% of total exports.

From 2012 to 2022, the biggest increases were recorded for Democratic Republic of the Congo (with a CAGR of +13.6%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest refined copper supplying countries worldwide were Chile ($X), Democratic Republic of the Congo ($X) and Japan ($X), together comprising 45% of global exports.

Democratic Republic of the Congo, with a CAGR of +15.0%, recorded the highest growth rate of 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 2022, the average refined copper export price amounted to $X per ton, reducing by -5.6% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average export price increased by 49%. As a result, the export price attained the peak level of $X per ton, and then shrank in the following year.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in China ($X per ton) and Peru ($X per ton), while Russia ($X per ton) and Kazakhstan ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+1.4%), while the other global leaders experienced more modest paces of growth.

Refined Copper Imports

Imports

In 2022, the amount of refined copper (unwrought, not alloyed) imported worldwide reached X tons, remaining stable against the year before. The total import volume increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2020 when imports increased by 8.6%. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of global imports remained at a somewhat lower figure.

In value terms, refined copper imports dropped to $X in 2022. Overall, total imports indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +50.7% against 2019 indices. The growth pace was the most rapid in 2021 with an increase of 42%. As a result, imports reached the peak of $X, and then contracted in the following year.

Imports by Country

China was the key importer of refined copper (unwrought, not alloyed) in the world, with the volume of imports amounting to X tons, which was approx. 43% of total imports in 2022. It was distantly followed by the United States (X tons), Italy (X tons) and Germany (X tons), together achieving a 20% share of total imports. The following importers - Taiwan (Chinese) (X tons), Turkey (X tons), Thailand (X tons), South Korea (X tons), Brazil (X tons), France (X tons), India (X tons) and Malaysia (X tons) - together made up 24% of total imports.

From 2012 to 2022, average annual rates of growth with regard to refined copper imports into China stood at +2.0%. At the same time, India (+23.6%), Thailand (+4.4%), the United States (+1.4%), South Korea (+1.4%) and Turkey (+1.0%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing importer imported in the world, with a CAGR of +23.6% from 2012-2022. Italy and Taiwan (Chinese) experienced a relatively flat trend pattern. By contrast, Brazil (-1.3%), France (-1.4%), Germany (-1.9%) and Malaysia (-2.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China and India increased by +3.7 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported refined copper (unwrought, not alloyed) worldwide, comprising 44% of global imports. The second position in the ranking was held by the United States ($X), with a 7.7% share of global imports. It was followed by Italy, with a 6.4% share.

From 2012 to 2022, the average annual growth rate of value in China stood at +3.2%. The remaining importing countries recorded the following average annual rates of imports growth: the United States (+2.8% per year) and Italy (+1.7% per year).

Import Prices by Country

In 2022, the average refined copper import price amounted to $X per ton, declining by -4.1% against the previous year. Over the period under review, import price indicated a slight 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 import price increased by +44.1% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 48% against the previous year. As a result, import price reached the peak level of $X per ton, and then shrank modestly in the following year.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Thailand ($X per ton) and the United States ($X per ton), while India ($X per ton) and Brazil ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+1.3%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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