Indonesia: Refined Copper Market 2025

Refined Copper Market Size in Indonesia

In 2022, the Indonesian refined copper market increased by 14% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption, however, showed a slight decline. Refined copper consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Refined Copper Production in Indonesia

In value terms, refined copper production reduced slightly to $X in 2022 estimated in export price. In general, production saw a perceptible curtailment. The most prominent rate of growth was recorded in 2017 with an increase of 14% against the previous year. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Refined Copper Exports

Exports from Indonesia

In 2022, overseas shipments of refined copper (unwrought, not alloyed) decreased by -85.3% to X tons, falling for the second consecutive year after two years of growth. Overall, exports continue to indicate a abrupt curtailment. The pace of growth was the most pronounced in 2016 when exports increased by 66% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, refined copper exports declined remarkably to $X in 2022. In general, exports faced a deep contraction. The growth pace was the most rapid in 2021 when exports increased by 46%. As a result, the exports attained the peak of $X, and then dropped markedly in the following year.

Exports by Country

Malaysia (X tons), China (X tons) and Thailand (X tons) were the main destinations of refined copper exports from Indonesia, with a combined 78% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by China (with a CAGR of +5.8%), while the other leaders experienced mixed trend patterns.

In value terms, the largest markets for refined copper exported from Indonesia were Malaysia ($X), China ($X) and Thailand ($X), with a combined 78% share of total exports.

Among the main countries of destination, China, with a CAGR of +2.4%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2022, the average refined copper export price amounted to $X per ton, dropping by -2.2% against the previous year. Overall, the export price continues to indicate a noticeable contraction. The pace of growth appeared the most rapid in 2021 an increase of 55% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Singapore ($X per ton) and South Korea ($X per ton), while the average price for exports to China ($X per ton) and Vietnam ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+5.3%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Copper Imports

Imports into Indonesia

In 2022, refined copper imports into Indonesia declined dramatically to X tons, falling by -16.3% against the previous year. Over the period under review, imports saw a abrupt descent. The pace of growth appeared the most rapid in 2015 when imports increased by 15%. Imports peaked at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, refined copper imports reduced notably to $X in 2022. In general, imports recorded a slight descent. The most prominent rate of growth was recorded in 2021 with an increase of 60%. As a result, imports attained the peak of $X, and then dropped sharply in the following year.

Imports by Country

Japan (X tons), China (X tons) and the Philippines (X tons) were the main suppliers of refined copper imports to Indonesia, with a combined 77% share of total imports. Myanmar, Chile, South Korea and Australia lagged somewhat behind, together accounting for a further 21%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by South Korea (with a CAGR of +70.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest refined copper suppliers to Indonesia were Japan ($X), China ($X) and the Philippines ($X), with a combined 77% share of total imports. Chile, South Korea, Myanmar and Australia lagged somewhat behind, together comprising a further 20%.

South Korea, with a CAGR of +68.7%, saw 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, falling by -6.1% against the previous year. In general, import price indicated measured growth from 2012 to 2022: its price increased at an average annual rate of +3.7% 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 +43.6% against 2019 indices. The growth pace was the most rapid in 2021 when the average import price increased by 50% against the previous year. As a result, import price reached the peak level of $X per ton, and then shrank in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was South Korea ($X per ton), while the price for Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+2.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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