Turkey: Refined Copper Market 2024

Refined Copper Market Size in Turkey

In 2022, the Turkish refined copper market increased by 7.9% to $X, rising for the second year in a row after three years of decline. The market value increased at an average annual rate of +1.7% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the maximum level in 2022 and is likely to see gradual growth in years to come.

Refined Copper Exports

Exports from Turkey

In 2022, the amount of refined copper (unwrought, not alloyed) exported from Turkey surged to X tons, jumping by 16% against 2021 figures. In general, exports continue to indicate a slight expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 468%. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, refined copper exports rose remarkably to $X in 2022. Overall, exports showed a modest increase. The most prominent rate of growth was recorded in 2018 when exports increased by 542%. Over the period under review, the exports attained the maximum at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for refined copper exports from Turkey, accounting for a 67% share of total exports. Moreover, refined copper exports to China exceeded the volume sent to the second major destination, Bulgaria (X tons), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to China totaled +120.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bulgaria (+32.3% per year) and the Netherlands (+4.9% per year).

In value terms, China ($X) remains the key foreign market for refined copper (unwrought, not alloyed) exports from Turkey, comprising 67% of total exports. The second position in the ranking was held by Bulgaria ($X), with a 26% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to China stood at +112.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bulgaria (+30.7% per year) and the Netherlands (+2.8% per year).

Export Prices by Country

In 2022, the average refined copper export price amounted to $X per ton, dropping by -4.4% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average export price increased by 57% against the previous year. The export price peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to China ($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 the United Arab Emirates (+4.8%), while the prices for the other major destinations experienced a decline.

Refined Copper Imports

Imports into Turkey

In 2022, purchases abroad of refined copper (unwrought, not alloyed) increased by 12% to X tons, rising for the third consecutive year after three years of decline. The total import volume increased at an average annual rate of +1.0% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. Over the period under review, imports hit record highs at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, refined copper imports rose notably to $X in 2022. In general, total imports indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +2.0% 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 +63.7% against 2019 indices. The pace of growth was the most pronounced in 2021 when imports increased by 52%. 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

Kazakhstan (X tons), Russia (X tons) and Bulgaria (X tons) were the main suppliers of refined copper imports to Turkey, together comprising 81% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Russia (with a CAGR of +35.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Kazakhstan ($X), Russia ($X) and Bulgaria ($X) were the largest refined copper suppliers to Turkey, together comprising 81% of total imports.

Among the main suppliers, Russia, with a CAGR of +38.8%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average refined copper import price amounted to $X per ton, declining by -5.2% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average import price increased by 50%. As a result, import price attained the peak level of $X per ton, and then shrank in the following year.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Chile ($X per ton) and Bulgaria ($X per ton), while the price for Spain ($X per ton) and Democratic Republic of the Congo ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+2.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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