Middle East: Copper Matte Market 2024

Copper Matte Market Size in the Middle East

In 2022, the Middle Eastern copper matte market decreased by -11.4% to $X for the first time since 2018, thus ending a three-year rising trend. Over the period under review, consumption showed a mild reduction. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market remained at a somewhat lower figure.

Copper Matte Production in the Middle East

In value terms, copper matte production reduced to $X in 2022 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the production volume increased by 12%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Copper Matte Exports

Exports in the Middle East

After three years of decline, shipments abroad of copper mattes and cement copper increased by 0.5% to X tons in 2022. In general, exports posted temperate growth. The most prominent rate of growth was recorded in 2017 with an increase of 136%. The volume of export peaked at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, copper matte exports amounted to $X in 2022. Over the period under review, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 173% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

Iran (X tons) represented roughly 100% of total exports in 2022.

Iran was also the fastest-growing in terms of the copper mattes and cement copper exports, with a CAGR of +3.3% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Iran ($X) also remains the largest copper matte supplier in the Middle East.

In Iran, copper matte exports remained relatively stable over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per ton, almost unchanged from the previous year. Overall, the export price, however, showed a pronounced slump. The pace of growth was the most pronounced in 2017 when the export price increased by 16%. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Iran.

From 2012 to 2022, the rate of growth in terms of prices for Iran amounted to -2.9% per year.

Copper Matte Imports

Imports in the Middle East

After five years of growth, purchases abroad of copper mattes and cement copper decreased by -19.9% to X tons in 2022. In general, imports, however, showed a significant increase. The pace of growth was the most pronounced in 2015 when imports increased by 6,658% against the previous year. As a result, imports reached the peak of X tons. From 2016 to 2022, the growth of imports remained at a lower figure.

In value terms, copper matte imports contracted significantly to $X in 2022. Overall, imports, however, recorded a significant expansion. The pace of growth was the most pronounced in 2015 when imports increased by 2,689%. As a result, imports attained the peak of $X. From 2016 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Turkey dominates imports structure, recording X tons, which was approx. 84% of total imports in 2022. It was distantly followed by the United Arab Emirates (X tons), generating a 6.3% share of total imports. Oman (X tons), Saudi Arabia (X tons), Kuwait (X tons) and Iran (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to copper matte imports into Turkey stood at +21.0%. At the same time, Iran (+65.9%), Saudi Arabia (+64.6%), the United Arab Emirates (+49.2%), Kuwait (+36.5%) and Oman (+19.5%) displayed positive paces of growth. Moreover, Iran emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +65.9% from 2012-2022. From 2012 to 2022, the share of Turkey and Saudi Arabia increased by +84 and +2.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported copper mattes and cement copper in the Middle East, comprising 77% of total imports. The second position in the ranking was taken by Oman ($X), with a 9.1% share of total imports. It was followed by the United Arab Emirates, with a 6.6% share.

From 2012 to 2022, the average annual growth rate of value in Turkey amounted to +68.3%. In the other countries, the average annual rates were as follows: Oman (+30.4% per year) and the United Arab Emirates (+38.7% per year).

Import Prices by Country

In 2022, the import price in the Middle East amounted to $X per ton, falling by -14.6% against the previous year. Overall, the import price continues to indicate a deep downturn. The most prominent rate of growth was recorded in 2014 when the import price increased by 115%. As a result, import price reached the peak level of $X per ton. From 2015 to 2022, the import prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Oman ($X per ton), while Iran ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+39.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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