U.S.: Market for Copper Ores And Concentrates 2024

Market Size for Copper Ores And Concentrates in the U.S.

In 2021, the U.S. copper ores and concentrates market was finally on the rise to reach $X after three years of decline. Over the period under review, consumption, however, recorded a perceptible shrinkage. Copper ores and concentrates consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Production of Copper Ores And Concentrates in the U.S.

In value terms, copper ores and concentrates production rose slightly to $X in 2021. Overall, production, however, recorded a noticeable downturn. The growth pace was the most rapid in 2015 when the production volume increased by 8.7% against the previous year. Copper ores and concentrates production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Exports of Copper Ores And Concentrates

Exports from the U.S.

After three years of growth, overseas shipments of copper ores and concentrates decreased by -7.7% to X tons in 2021. Overall, total exports indicated a mild expansion from 2012 to 2021: its volume increased at an average annual rate of +1.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2019 with an increase of 37% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, copper ores and concentrates exports skyrocketed to $X in 2021. In general, total exports indicated a noticeable expansion from 2012 to 2021: its value increased at an average annual rate of +2.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +70.0% against 2017 indices. The growth pace was the most rapid in 2019 when exports increased by 29% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Mexico (X tons) was the main destination for copper ores and concentrates exports from the United States, with a 63% share of total exports. Moreover, copper ores and concentrates exports to Mexico exceeded the volume sent to the second major destination, China (X tons), threefold. Canada (X tons) ranked third in terms of total exports with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Mexico amounted to +7.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-6.7% per year) and Canada (+12.8% per year).

In value terms, Mexico ($X) remains the key foreign market for copper ores and concentrates exports from the United States, comprising 56% of total exports. The second position in the ranking was held by China ($X), with a 21% share of total exports. It was followed by Canada, with a 17% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Mexico amounted to +6.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-1.0% per year) and Canada (+0.0% per year).

Export Prices by Country

The average copper ores and concentrates export price stood at $X per ton in 2021, growing by 35% against the previous year. Overall, the export price recorded a slight expansion. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Canada ($X per ton), while the average price for exports to Japan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+6.2%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Copper Ores And Concentrates

Imports into the U.S.

In 2021, overseas purchases of copper ores and concentrates were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Overall, imports, however, recorded a pronounced descent. The pace of growth appeared the most rapid in 2016 when imports increased by 97%. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, copper ores and concentrates imports surged to $X in 2021. In general, imports, however, saw a relatively flat trend pattern. Imports peaked at $X in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Canada (X tons) constituted the largest supplier of copper ores and concentrates to the United States, with a 68% share of total imports. Moreover, copper ores and concentrates imports from Canada exceeded the figures recorded by the second-largest supplier, Peru (X tons), twofold. Taiwan (Chinese) (X tons) ranked third in terms of total imports with a 3.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Canada stood at -3.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Peru (+16,684.2% per year) and Taiwan (Chinese) (0.0% per year).

In value terms, Canada ($X) constituted the largest supplier of copper ores and concentrates to the United States, comprising 95% of total imports. The second position in the ranking was taken by Peru ($X), with a 5.2% share of total imports. It was followed by Mexico, with a 0.1% share.

From 2012 to 2021, the average annual growth rate of value from Canada stood at +2.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Peru (+3,420.9% per year) and Mexico (-46.4% per year).

Import Prices by Country

In 2021, the average copper ores and concentrates import price amounted to $X per ton, jumping by 44% against the previous year. In general, import price indicated tangible growth from 2012 to 2021: its price increased at an average annual rate of +2.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, copper ores and concentrates import price decreased by -8.6% against 2019 indices. The pace of growth was the most pronounced in 2019 when the average import price increased by 71%. As a result, import price attained the peak level of $X per ton. From 2020 to 2021, the average import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Canada ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Canada (+6.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform