Morocco: Refined Copper Market 2025

Refined Copper Market Size in Morocco

The Moroccan refined copper market contracted to $X in 2022, approximately equating the previous year. Overall, consumption saw a slight curtailment. The growth pace was the most rapid in 2017 when the market value increased by 2.4% against the previous year. Refined copper consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Refined Copper Production in Morocco

In value terms, refined copper production fell slightly to $X in 2022 estimated in export price. Overall, production saw a mild decrease. The most prominent rate of growth was recorded in 2017 when the production volume increased by 5.4% 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 Morocco

After two years of growth, overseas shipments of refined copper (unwrought, not alloyed) decreased by -41.7% to X tons in 2022. In general, exports, however, continue to indicate a significant increase. The growth pace was the most rapid in 2020 with an increase of 881%. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, refined copper exports reduced notably to $X in 2022. Over the period under review, exports, however, continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2020 when exports increased by 889% against the previous year. The exports peaked at $X in 2021, and then fell dramatically in the following year.

Exports by Country

China (X tons) was the main destination for refined copper exports from Morocco, with a 93% share of total exports. Moreover, refined copper exports to China exceeded the volume sent to the second major destination, Italy (X tons), more than tenfold. Spain (X tons) ranked third in terms of total exports with a 1.7% share.

From 2012 to 2022, the average annual growth rate of volume to China stood at +46.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (-0.4% per year) and Spain (+0.0% per year).

In value terms, China ($X) remains the key foreign market for refined copper (unwrought, not alloyed) exports from Morocco, comprising 93% of total exports. The second position in the ranking was held by Italy ($X), with a 3.6% share of total exports. It was followed by Spain, with a 1.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China totaled +48.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+5.1% per year) and Spain (+1.3% per year).

Export Prices by Country

In 2022, the average refined copper export price amounted to $X per ton, rising by 3.6% against the previous year. In general, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average export price increased by 38%. Over the period under review, the average export prices hit record highs in 2022 and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were Italy ($X per ton) and India ($X per ton), while the average price for exports to China ($X per ton) and Spain ($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 Russia (+6.3%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Copper Imports

Imports into Morocco

In 2022, imports of refined copper (unwrought, not alloyed) into Morocco soared to X tons, growing by 493% compared with the year before. Overall, imports, however, saw a significant decline. The growth pace was the most rapid in 2020 when imports increased by 7,025% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, refined copper imports soared to $X in 2022. Over the period under review, imports, however, continue to indicate a sharp decline. The growth pace was the most rapid in 2020 when imports increased by 5,762%. Imports peaked at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

Italy (X tons), France (X tons) and Portugal (X kg) were the main suppliers of refined copper imports to Morocco, with a combined 100% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Portugal (with a CAGR of +41.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), France ($X) and Portugal ($X) appeared to be the largest refined copper suppliers to Morocco, together accounting for 98% of total imports.

Portugal, with a CAGR of +43.7%, saw the highest growth rate of 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, increasing by 68% against the previous year. Overall, import price indicated a temperate increase from 2012 to 2022: its price increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($X per ton), while the price for Portugal ($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 (+23.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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