Norway: Refined Copper Market 2024

Refined Copper Market Size in Norway

In 2022, the Norwegian refined copper market increased by 4% to $X, rising for the second consecutive year after four years of decline. Over the period under review, consumption, however, continues to indicate a slight decline. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market remained at a somewhat lower figure.

Refined Copper Production in Norway

In value terms, refined copper production fell slightly to $X in 2022 estimated in export price. In general, production continues to indicate a noticeable curtailment. The most prominent rate of growth was recorded in 2021 with an increase of 3.7%. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Refined Copper Exports

Exports from Norway

In 2022, the amount of refined copper (unwrought, not alloyed) exported from Norway shrank to X tons, declining by -13.1% against the previous year. Over the period under review, exports continue to indicate a deep contraction. The pace of growth was the most pronounced in 2019 when exports increased by 7.3% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, refined copper exports shrank rapidly to $X in 2022. In general, exports continue to indicate a abrupt descent. The growth pace was the most rapid in 2021 when exports increased by 40%. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Sweden (X tons) was the main destination for refined copper exports from Norway, with a 62% share of total exports. Moreover, refined copper exports to Sweden exceeded the volume sent to the second major destination, the Netherlands (X tons), threefold. The third position in this ranking was taken by Germany (X tons), with a 17% share.

From 2012 to 2022, the average annual growth rate of volume to Sweden totaled -7.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (-6.7% per year) and Germany (+4.8% per year).

In value terms, Sweden ($X) remains the key foreign market for refined copper (unwrought, not alloyed) exports from Norway, comprising 62% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a 19% share of total exports. It was followed by Germany, with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Sweden stood at -6.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (-5.6% per year) and Germany (+15.8% per year).

Export Prices by Country

The average refined copper export price stood at $X per ton in 2022, waning by -2.7% against the previous year. Overall, the export price, however, continues to indicate a mild expansion. The pace of growth was the most pronounced in 2021 when the average export price increased by 50% against the previous year. As a result, the export price attained the peak level of $X per ton, and then shrank modestly in the following year.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Finland ($X per ton) and the Netherlands ($X per ton), while the average price for exports to Germany ($X per ton) and Sweden ($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 Germany (+10.5%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Copper Imports

Imports into Norway

In 2022, approx. X tons of refined copper (unwrought, not alloyed) were imported into Norway; with an increase of 83% compared with the year before. Over the period under review, imports recorded a remarkable increase. The most prominent rate of growth was recorded in 2013 with an increase of 600%. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, refined copper imports soared to $X in 2022. Overall, imports enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2013 when imports increased by 297% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Germany (X tons) constituted the largest supplier of refined copper to Norway, with a 88% share of total imports. Moreover, refined copper imports from Germany exceeded the figures recorded by the second-largest supplier, Sweden (X tons), more than tenfold. France (X tons) ranked third in terms of total imports with a 2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Germany totaled +11.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Sweden (-1.2% per year) and France (-29.4% per year).

In value terms, Germany ($X) constituted the largest supplier of refined copper (unwrought, not alloyed) to Norway, comprising 86% of total imports. The second position in the ranking was taken by Sweden ($X), with a 9% share of total imports. It was followed by France, with a 2.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany amounted to +12.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Sweden (+1.4% per year) and France (-20.7% per year).

Import Prices by Country

In 2022, the average refined copper import price amounted to $X per ton, shrinking by -7.4% against the previous year. In general, the import price continues to indicate a noticeable setback. The most prominent rate of growth was recorded in 2017 an increase of 50% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+12.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :