United Kingdom: Refined Copper Market 2024

Refined Copper Market Size in the UK

The UK refined copper market reduced markedly to $X in 2022, with a decrease of -30.6% 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). Overall, the total consumption indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Refined copper consumption peaked at $X in 2021, and then reduced markedly in the following year.

Refined Copper Exports

Exports from the UK

Refined copper exports from the UK shrank to X tons in 2022, waning by -12.3% against the year before. Overall, exports continue to indicate a sharp slump. The pace of growth appeared the most rapid in 2016 when exports increased by 4,664% against the previous year. As a result, the exports reached the peak of X tons. From 2017 to 2022, the growth of the exports remained at a lower figure.

In value terms, refined copper exports reduced to $X in 2022. Over the period under review, exports showed a sharp setback. The growth pace was the most rapid in 2016 with an increase of 3,706% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Germany (X tons) was the main destination for refined copper exports from the UK, with a 83% share of total exports. Moreover, refined copper exports to Germany exceeded the volume sent to the second major destination, Belgium (X tons), more than tenfold. The United States (X tons) ranked third in terms of total exports with a 3.3% share.

From 2012 to 2022, the average annual growth rate of volume to Germany stood at -21.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (-19.7% per year) and the United States (+18.3% per year).

In value terms, Germany ($X) remains the key foreign market for refined copper (unwrought, not alloyed) exports from the UK, comprising 76% of total exports. The second position in the ranking was taken by the United States ($X), with a 6% share of total exports. It was followed by Belgium, with a 4.5% share.

From 2012 to 2022, the average annual growth rate of value to Germany amounted to -21.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+17.2% per year) and Belgium (-16.7% per year).

Export Prices by Country

The average refined copper export price stood at $X per ton in 2022, almost unchanged from the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 66% against the previous year. 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 foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Germany ($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 Belgium (+3.8%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Copper Imports

Imports into the UK

In 2022, approx. X tons of refined copper (unwrought, not alloyed) were imported into the UK; waning by -25.3% compared with the previous year. Over the period under review, imports saw a abrupt contraction. The most prominent rate of growth was recorded in 2016 with an increase of 124%. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports failed to regain momentum.

In value terms, refined copper imports dropped significantly to $X in 2022. In general, imports continue to indicate a abrupt decline. The most prominent rate of growth was recorded in 2016 with an increase of 96%. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Belgium (X tons) constituted the largest refined copper supplier to the UK, accounting for a 86% share of total imports. Moreover, refined copper imports from Belgium exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), more than tenfold. The third position in this ranking was held by Poland (X tons), with a 2.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Belgium stood at +61.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+87.1% per year) and Poland (+82.6% per year).

In value terms, Belgium ($X) constituted the largest supplier of refined copper (unwrought, not alloyed) to the UK, comprising 88% of total imports. The second position in the ranking was taken by the Netherlands ($X), with a 7.2% share of total imports. It was followed by Poland, with a 1.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Belgium stood at +62.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+83.9% per year) and Poland (+69.2% per year).

Import Prices by Country

The average refined copper import price stood at $X per ton in 2022, waning by -8.2% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 54% against the previous year. As a result, import price attained the peak level of $X per ton, and then declined in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Sweden ($X per ton), while the price for Poland ($X per ton) was 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 (+2.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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