Thailand: Refined Copper Market 2025

Refined Copper Market Size in Thailand

The Thai refined copper market contracted to $X in 2022, falling by -7.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +44.5% against 2020 indices. As a result, consumption attained the peak level of $X, and then reduced in the following year.

Refined Copper Exports

Exports from Thailand

In 2022, the amount of refined copper (unwrought, not alloyed) exported from Thailand skyrocketed to X tons, picking up by 164% against the previous year's figure. Over the period under review, exports saw a significant increase. The pace of growth was the most pronounced in 2018 with an increase of 1,193%. The exports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, refined copper exports soared to $X in 2022. Overall, exports recorded a significant increase. The pace of growth appeared the most rapid in 2018 with an increase of 1,021%. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for refined copper exports from Thailand, with a 95% share of total exports. It was followed by India (X tons), with a 2.8% share of total exports. Vietnam (X tons) ranked third in terms of total exports with a 1.8% share.

From 2012 to 2022, the average annual growth rate of volume to China totaled +215.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+282.2% per year) and Vietnam (+58.7% per year).

In value terms, China ($X) remains the key foreign market for refined copper (unwrought, not alloyed) exports from Thailand, comprising 88% of total exports. The second position in the ranking was taken by India ($X), with a 7.3% share of total exports. It was followed by Vietnam, with a 4.7% share.

From 2012 to 2022, the average annual growth rate of value to China amounted to +197.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+269.9% per year) and Vietnam (+55.9% per year).

Export Prices by Country

In 2022, the average refined copper export price amounted to $X per ton, declining by -8.4% against the previous year. Over the period under review, the export price recorded a abrupt slump. The pace of growth was the most pronounced in 2016 an increase of 16%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to China ($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 Japan (+10.1%), while the prices for the other major destinations experienced a decline.

Refined Copper Imports

Imports into Thailand

In 2022, refined copper imports into Thailand expanded modestly to X tons, increasing by 2.6% against 2021 figures. Over the period under review, total imports indicated a pronounced expansion from 2012 to 2022: its volume increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +9.0% against 2020 indices. The pace of growth was the most pronounced in 2016 with an increase of 29% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, refined copper imports amounted to $X in 2022. Overall, imports showed a buoyant increase. The pace of growth appeared the most rapid in 2021 when imports increased by 63%. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, Japan (X tons) constituted the largest refined copper supplier to Thailand, accounting for a 28% share of total imports. Moreover, refined copper imports from Japan exceeded the figures recorded by the second-largest supplier, the Philippines (X tons), twofold. Chile (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Japan amounted to +8.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the Philippines (+10.9% per year) and Chile (+11.4% per year).

In value terms, Japan ($X) constituted the largest supplier of refined copper (unwrought, not alloyed) to Thailand, comprising 28% of total imports. The second position in the ranking was taken by the Philippines ($X), with a 13% share of total imports. It was followed by Chile, with a 13% share.

From 2012 to 2022, the average annual growth rate of value from Japan stood at +9.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the Philippines (+12.1% per year) and Chile (+13.4% per year).

Import Prices by Country

In 2022, the average refined copper import price amounted to $X per ton, dropping by -1.6% against the previous year. In general, import price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined copper import price increased by +54.2% against 2019 indices. The growth pace was the most rapid in 2021 when the average import price increased by 54%. As a result, import price reached the peak level of $X per ton, and then contracted slightly in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Chile ($X per ton) and Zambia ($X per ton), while the price for the Philippines ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Democratic Republic of the Congo (+7.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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