Philippines: Market for Copper Ores And Concentrates 2024

Market Size for Copper Ores And Concentrates in the Philippines

After two years of growth, the Philippine copper ores and concentrates market decreased by -38.1% to $X in 2021. In general, consumption continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the market failed to regain momentum.

Production of Copper Ores And Concentrates in the Philippines

In value terms, copper ores and concentrates production declined modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.9% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when the production volume increased by 43%. Over the period under review, production hit record highs at $X in 2020, and then fell modestly in the following year.

Exports of Copper Ores And Concentrates

Exports from the Philippines

In 2021, shipments abroad of copper ores and concentrates decreased by -8.7% to X tons, falling for the second year in a row after two years of growth. In general, exports showed a deep downturn. The pace of growth appeared the most rapid in 2013 with an increase of 140% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports failed to regain momentum.

In value terms, copper ores and concentrates exports surged to $X in 2021. Over the period under review, exports, however, showed perceptible growth. The growth pace was the most rapid in 2013 when exports increased by 324% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Japan (X tons) was the main destination for copper ores and concentrates exports from the Philippines, accounting for a 74% share of total exports. Moreover, copper ores and concentrates exports to Japan exceeded the volume sent to the second major destination, Singapore (X tons), fourfold. China (X tons) ranked third in terms of total exports with a 3.2% share.

From 2012 to 2021, the average annual growth rate of volume to Japan totaled +11.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+70.1% per year) and China (-29.1% per year).

In value terms, Japan ($X) remains the key foreign market for copper ores and concentrates exports from the Philippines, comprising 73% of total exports. The second position in the ranking was taken by Singapore ($X), with a 25% share of total exports. It was followed by China, with a 0.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Japan totaled +11.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+135.7% per year) and China (-28.6% per year).

Export Prices by Country

In 2021, the average copper ores and concentrates export price amounted to $X per ton, with an increase of 59% against the previous year. Over the period under review, export price indicated prominent growth from 2012 to 2021: its price increased at an average annual rate of +12.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, copper ores and concentrates export price increased by +43.7% against 2018 indices. The most prominent rate of growth was recorded in 2013 an increase of 76% against the previous year. The export price peaked in 2021 and is expected to retain growth in the near future.

Prices varied noticeably country of destination: the country with the highest price was Singapore ($X per ton), while the average price for exports to Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+57.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Copper Ores And Concentrates

Imports into the Philippines

In 2021, approx. X tons of copper ores and concentrates were imported into the Philippines; waning by -85.9% on the previous year. Over the period under review, imports saw a abrupt downturn. The most prominent rate of growth was recorded in 2017 with an increase of 685% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2021, the growth of imports remained at a lower figure.

In value terms, copper ores and concentrates imports fell notably to $X in 2021. Overall, imports recorded a deep downturn. The pace of growth was the most pronounced in 2017 with an increase of 737%. As a result, imports reached the peak of $X. From 2018 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Indonesia (X tons), Papua New Guinea (X tons) and Australia (X tons) were the main suppliers of copper ores and concentrates imports to the Philippines, with a combined 80% share of total imports. These countries were followed by Peru, which accounted for a further 20%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Peru (with a CAGR of -0.4%), while imports for the other leaders experienced a decline.

In value terms, Indonesia ($X), Papua New Guinea ($X) and Australia ($X) were the largest copper ores and concentrates suppliers to the Philippines, together comprising 84% of total imports. These countries were followed by Peru, which accounted for a further 16%.

Peru, with a CAGR of +0.9%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2021, the average copper ores and concentrates import price amounted to $X per ton, jumping by 16% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.5%. The growth pace was the most rapid in 2014 an increase of 22%. As a result, import price reached the peak level of $X per ton; afterwards, it flattened through to 2021.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Papua New Guinea ($X per ton), while the price for Australia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+3.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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