Mexico: Refined Copper Market 2024

Refined Copper Market Size in Mexico

The Mexican refined copper market declined rapidly to $X in 2022, which is down by -17.1% against the previous year. In general, consumption continues to indicate a pronounced setback. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Refined Copper Production in Mexico

In value terms, refined copper production reduced slightly to $X in 2022 estimated in export price. Over the period under review, production recorded a noticeable curtailment. The most prominent rate of growth was recorded in 2017 with an increase of 12% against the previous year. Refined copper production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Refined Copper Exports

Exports from Mexico

Refined copper exports from Mexico surged to X tons in 2022, growing by 711% compared with the year before. Overall, exports, however, saw a pronounced decline. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, refined copper exports skyrocketed to $X in 2022. In general, exports, however, continue to indicate a mild decline. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for refined copper exports from Mexico, with a 68% share of total exports. Moreover, refined copper exports to the United States exceeded the volume sent to the second major destination, China (X tons), fivefold. Colombia (X tons) ranked third in terms of total exports with a 6.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States amounted to -3.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-4.3% per year) and Colombia (+27.1% per year).

In value terms, the United States ($X) remains the key foreign market for refined copper (unwrought, not alloyed) exports from Mexico, comprising 75% of total exports. The second position in the ranking was taken by China ($X), with a 14% share of total exports. It was followed by Indonesia, with a 2.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled -1.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-2.3% per year) and Indonesia (+44.2% per year).

Export Prices by Country

In 2022, the average refined copper export price amounted to $X per ton, approximately equating the previous year. In general, export price indicated a modest increase from 2012 to 2022: its price increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined copper export price increased by +51.1% against 2019 indices. The pace of growth appeared the most rapid in 2021 when the average export price increased by 49% against the previous year. Over the period under review, the average export prices attained the maximum in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Colombia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (+3.2%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Copper Imports

Imports into Mexico

In 2022, the amount of refined copper (unwrought, not alloyed) imported into Mexico contracted markedly to X tons, dropping by -79.2% against the year before. Overall, imports faced a abrupt contraction. The pace of growth appeared the most rapid in 2021 with an increase of 125%. As a result, imports attained the peak of X tons, and then dropped significantly in the following year.

In value terms, refined copper imports fell notably to $X in 2022. Over the period under review, imports showed a abrupt contraction. The pace of growth appeared the most rapid in 2019 with an increase of 66%. As a result, imports reached the peak of $X. From 2020 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, the United States (X tons) constituted the largest refined copper supplier to Mexico, accounting for a 72% share of total imports. Moreover, refined copper imports from the United States exceeded the figures recorded by the second-largest supplier, Chile (X tons), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States stood at -12.4%.

In value terms, the United States ($X) constituted the largest supplier of refined copper (unwrought, not alloyed) to Mexico, comprising 71% of total imports. The second position in the ranking was held by Chile ($X), with a 29% share of total imports.

From 2012 to 2022, the average annual growth rate of value from the United States amounted to -11.5%.

Import Prices by Country

The average refined copper import price stood at $X per ton in 2022, leveling off at the previous year. In general, the import price showed slight growth. The growth pace was the most rapid in 2015 when the average import price increased by 240%. The import price peaked at $X per ton in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Chile ($X per ton), while the price for the United States amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Peru (+4.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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