MERCOSUR: Market for Copper Ores And Concentrates 2024

Market Size for Copper Ores And Concentrates in MERCOSUR

In 2021, the MERCOSUR copper ores and concentrates market increased by 12% to $X, rising for the second consecutive year after two years of decline. Over the period under review, consumption recorded a perceptible shrinkage. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Production of Copper Ores And Concentrates in MERCOSUR

In value terms, copper ores and concentrates production skyrocketed to $X in 2021 estimated in export price. The total production indicated perceptible growth from 2012 to 2021: its value increased at an average annual rate of +3.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +126.1% 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 MERCOSUR

In 2021, approx. X tons of copper ores and concentrates were exported in MERCOSUR; increasing by 6.7% against 2020. Total exports indicated a buoyant increase from 2012 to 2021: its volume increased at an average annual rate of +5.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -11.7% against 2019 indices. The most prominent rate of growth was recorded in 2016 when exports increased by 28% against the previous year. The volume of export peaked at X tons in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, copper ores and concentrates exports soared to $X in 2021. Total exports indicated a strong increase 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 +42.8% against 2018 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Peru represented the main exporting country with an export of around X tons, which finished at 58% of total exports. Chile (X tons) held a 27% share (based on physical terms) of total exports, which put it in second place, followed by Brazil (10%). Ecuador (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, Ecuador (+57.2%), Brazil (+6.4%) and Chile (+4.3%) displayed positive paces of growth. Moreover, Ecuador emerged as the fastest-growing exporter exported in MERCOSUR, with a CAGR of +57.2% from 2012-2021. While the share of Peru (+4.4 p.p.) and Ecuador (+3.6 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Chile (-2.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Chile ($X), Peru ($X) and Brazil ($X) were the countries with the highest levels of exports in 2021, with a combined 97% share of total exports. Ecuador lagged somewhat behind, accounting for a further 1.9%.

In terms of the main exporting countries, Ecuador, with a CAGR of +56.6%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in MERCOSUR stood at $X per ton in 2021, jumping by 37% against the previous year. Export price indicated a slight increase from 2012 to 2021: its price increased at an average annual rate of +1.4% 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 +68.4% against 2019 indices. As a result, the export 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 exporting countries. In 2021, the country with the highest price was Chile ($X per ton), while Ecuador ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Chile (+2.8%), while the other leaders experienced more modest paces of growth.

Imports of Copper Ores And Concentrates

Imports in MERCOSUR

In 2021, approx. X tons of copper ores and concentrates were imported in MERCOSUR; which is down by -15.8% on the previous year's figure. Over the period under review, imports continue to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2013 with an increase of 61% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports failed to regain momentum.

In value terms, copper ores and concentrates imports expanded notably to $X in 2021. Overall, imports recorded a deep setback. The most prominent rate of growth was recorded in 2013 when imports increased by 47%. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, Brazil (X tons) represented the key importer of copper ores and concentrates, committing 84% of total imports. Peru (X tons) took the second position in the ranking, followed by Chile (X tons). All these countries together took approx. 16% share of total imports.

Brazil experienced a relatively flat trend pattern with regard to volume of imports of copper ores and concentrates. Peru (-4.7%) and Chile (-23.6%) illustrated a downward trend over the same period. Brazil (+28 p.p.) significantly strengthened its position in terms of the total imports, while Chile saw its share reduced by -28.5% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) constitutes the largest market for imported copper ores and concentrates in MERCOSUR, comprising 79% of total imports. The second position in the ranking was held by Peru ($X), with a 12% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value in Brazil totaled -2.6%. The remaining importing countries recorded the following average annual rates of imports growth: Peru (-10.5% per year) and Chile (-21.9% per year).

Import Prices by Country

The import price in MERCOSUR stood at $X per ton in 2021, with an increase of 29% against the previous year. In general, the import price, however, saw a pronounced downturn. The most prominent rate of growth was recorded in 2018 an increase of 34% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Chile (+2.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform