Singapore: Copper Market 2024

Copper Market Size in Singapore

The Singaporean copper market was finally on the rise to reach $X in 2022, after two years of decline. In general, consumption, however, recorded a relatively flat trend pattern. Copper consumption peaked at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Copper Production in Singapore

In value terms, copper production reached $X in 2022 estimated in export price. In general, the total production indicated a mild expansion from 2012 to 2022: its value increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.0% against 2020 indices. The most prominent rate of growth was recorded in 2013 with an increase of 47% against the previous year. Over the period under review, production reached the maximum level at $X in 2015; however, from 2016 to 2022, production failed to regain momentum.

Copper Exports

Exports from Singapore

After two years of growth, shipments abroad of copper decreased by -67% to X tons in 2022. Overall, exports, however, recorded a resilient expansion. The pace of growth was the most pronounced in 2017 with an increase of 353%. The exports peaked at X tons in 2021, and then shrank significantly in the following year.

In value terms, copper exports fell sharply to $X in 2022. Over the period under review, exports, however, enjoyed a prominent expansion. The growth pace was the most rapid in 2014 when exports increased by 251% against the previous year. The exports peaked at $X in 2021, and then declined sharply in the following year.

Exports by Country

Malaysia (X tons), China (X tons) and Hong Kong SAR (X tons) were the main destinations of copper exports from Singapore, with a combined 74% share 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 Hong Kong SAR (with a CAGR of +148.3%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X), Malaysia ($X) and Taiwan (Chinese) ($X) appeared to be the largest markets for copper exported from Singapore worldwide, with a combined 72% share of total exports. Hong Kong SAR, South Korea, Pakistan and India lagged somewhat behind, together accounting for a further 26%.

Hong Kong SAR, with a CAGR of +166.2%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average copper export price amounted to $X per ton, shrinking by -4.4% against the previous year. Over the period under review, the export price, however, enjoyed noticeable growth. The growth pace was the most rapid in 2019 when the average export price increased by 89%. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to Pakistan ($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 Taiwan (Chinese) (+16.7%), while the prices for the other major destinations experienced more modest paces of growth.

Copper Imports

Imports into Singapore

In 2022, overseas purchases of copper decreased by -52.6% to X tons for the first time since 2018, thus ending a three-year rising trend. Overall, imports recorded a deep slump. The most prominent rate of growth was recorded in 2020 when imports increased by 68% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, copper imports dropped to $X in 2022. In general, imports recorded a perceptible contraction. The most prominent rate of growth was recorded in 2020 with an increase of 50%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of copper to Singapore, with a 89% share of total imports. Moreover, copper imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), more than tenfold. Japan (X tons) ranked third in terms of total imports with a 3.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +33.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+9.6% per year) and Japan (-13.7% per year).

In value terms, China ($X) constituted the largest supplier of copper to Singapore, comprising 84% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 5.2% share of total imports. It was followed by the UK, with a 5.2% share.

From 2012 to 2022, the average annual growth rate of value from China stood at +35.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+12.4% per year) and the UK (+0.4% per year).

Import Prices by Country

The average copper import price stood at $X per ton in 2022, increasing by 90% against the previous year. Over the period under review, import price indicated a remarkable increase from 2012 to 2022: its price increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, average import prices attained the maximum at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the UK ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+13.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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