South Africa: Refined Copper Market 2025

Refined Copper Market Size in South Africa

In 2022, the South African refined copper market decreased by -0.2% to $X, falling for the fourth year in a row after two years of growth. In general, consumption, however, showed a perceptible shrinkage. The most prominent rate of growth was recorded in 2017 with an increase of 6.4% against the previous year. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Refined Copper Production in South Africa

In value terms, refined copper production fell slightly to $X in 2022 estimated in export price. Over the period under review, production recorded a perceptible downturn. The pace of growth appeared the most rapid in 2017 when the production volume increased by 16%. Refined copper production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Refined Copper Exports

Exports from South Africa

In 2022, shipments abroad of refined copper (unwrought, not alloyed) increased by 5.4% to X tons, rising for the third year in a row after two years of decline. In general, exports continue to indicate a strong expansion. The growth pace was the most rapid in 2014 when exports increased by 82%. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, refined copper exports rose sharply to $X in 2022. Over the period under review, exports continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2021 with an increase of 124%. Over the period under review, the exports hit record highs in 2022 and are likely to see steady growth in years to come.

Exports by Country

China (X tons) was the main destination for refined copper exports from South Africa, accounting for a 79% share of total exports. Moreover, refined copper exports to China exceeded the volume sent to the second major destination, Italy (X tons), eightfold. The third position in this ranking was held by the United Arab Emirates (X tons), with a 2.8% share.

From 2012 to 2022, the average annual growth rate of volume to China stood at +36.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+4.0% per year) and the United Arab Emirates (+9.7% per year).

In value terms, China ($X) remains the key foreign market for refined copper (unwrought, not alloyed) exports from South Africa, comprising 77% of total exports. The second position in the ranking was held by Italy ($X), with an 11% share of total exports. It was followed by the Netherlands, with a 3.8% share.

From 2012 to 2022, the average annual growth rate of value to China stood at +37.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+6.8% per year) and the Netherlands (+6.6% per year).

Export Prices by Country

In 2022, the average refined copper export price amounted to $X per ton, approximately mirroring the previous year. In general, export price indicated a modest increase from 2012 to 2022: its price increased at an average annual rate of +1.4% 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 +51.6% against 2020 indices. The pace of growth was the most pronounced in 2021 an increase of 52%. As a result, the export price attained the peak level of $X per ton, leveling off in the following year.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Hong Kong SAR ($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 Thailand (+13.4%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Copper Imports

Imports into South Africa

In 2022, purchases abroad of refined copper (unwrought, not alloyed) increased by 35% to X tons, rising for the fourth year in a row after two years of decline. In general, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when imports increased by 98%. Imports peaked at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, refined copper imports soared to $X in 2022. Overall, imports saw modest growth. The most prominent rate of growth was recorded in 2015 when imports increased by 59%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the near future.

Imports by Country

Zambia (X tons) and Democratic Republic of the Congo (X tons) were the main suppliers of refined copper imports to South Africa.

From 2012 to 2022, the biggest increases were recorded for Democratic Republic of the Congo (with a CAGR of +36.7%).

In value terms, the largest refined copper suppliers to South Africa were Democratic Republic of the Congo ($X) and Zambia ($X).

Among the main suppliers, Democratic Republic of the Congo, with a CAGR of +39.7%, recorded the highest rates of growth with regard to the value of imports, over the period under review.

Import Prices by Country

In 2022, the average refined copper import price amounted to $X per ton, therefore, remained relatively stable against the previous year. In general, import price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined copper import price increased by +41.4% against 2018 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 50% against the previous year. The import price peaked in 2022 and is likely to see steady growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Democratic Republic of the Congo ($X per ton), while the price for Zambia amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Democratic Republic of the Congo (+2.2%).

Source: IndexBox Platform

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