Oman: Refined Copper Market 2024

Refined Copper Market Size in Oman

The Omani refined copper market dropped to $X in 2022, reducing by -7.4% against the previous year. In general, consumption, however, showed resilient growth. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Refined Copper Production in Oman

In value terms, refined copper production declined to $X in 2022 estimated in export price. In general, production, however, saw a resilient expansion. The most prominent rate of growth was recorded in 2018 when the production volume increased by 292% against the previous year. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Refined Copper Exports

Exports from Oman

In 2022, overseas shipments of refined copper (unwrought, not alloyed) decreased by -72.4% to X tons, falling for the eighth consecutive year after three years of growth. Overall, exports continue to indicate a abrupt slump. The most prominent rate of growth was recorded in 2013 with an increase of 31%. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, refined copper exports fell markedly to $X in 2022. In general, exports continue to indicate a abrupt shrinkage. The pace of growth was the most pronounced in 2013 with an increase of 50%. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Pakistan (X tons), Thailand (X tons) and the United Arab Emirates (X tons) were the main destinations of refined copper exports from Oman, together accounting for 84% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Thailand (with a CAGR of -1.8%), while the other leaders experienced a decline.

In value terms, Pakistan ($X) remains the key foreign market for refined copper (unwrought, not alloyed) exports from Oman, comprising 43% of total exports. The second position in the ranking was held by Thailand ($X), with a 20% share of total exports. It was followed by Saudi Arabia, with a 20% share.

From 2012 to 2022, the average annual growth rate of value to Pakistan totaled -10.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (-6.4% per year) and Saudi Arabia (-14.5% per year).

Export Prices by Country

In 2022, the average refined copper export price amounted to $X per ton, remaining relatively unchanged against the previous year. Overall, export price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +3.2% 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 +70.8% against 2020 indices. The growth pace was the most rapid in 2021 an increase of 71%. As a result, the export price attained the peak level of $X per ton, leveling off in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the average price for exports to Qatar ($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 Saudi Arabia (+8.3%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Copper Imports

Imports into Oman

Refined copper imports into Oman declined to X tons in 2022, dropping by -5.2% against the year before. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 202% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, refined copper imports expanded notably to $X in 2022. Overall, imports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 with an increase of 144%. Over the period under review, imports reached the peak figure at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

The United Arab Emirates (X tons), Spain (X tons) and China (X tons) were the main suppliers of refined copper imports to Oman, with a combined 70% share of total imports. Tanzania, the Netherlands, South Africa, Zambia and India lagged somewhat behind, together accounting for a further 30%.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +29.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Spain ($X) and China ($X) were the largest refined copper suppliers to Oman, with a combined 67% share of total imports. Tanzania, the Netherlands, South Africa, Zambia and India lagged somewhat behind, together accounting for a further 33%.

The Netherlands, with a CAGR of +26.2%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average refined copper import price stood at $X per ton in 2022, with an increase of 12% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 an increase of 27%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 South Africa ($X per ton), while the price for Zambia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Tanzania (+7.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :