United Kingdom: Copper Market 2024

Copper Market Size in the UK

The UK copper market reduced notably to $X in 2022, dropping by -18.9% against the previous year. In general, consumption saw a noticeable curtailment. Copper consumption peaked at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Copper Production in the UK

In value terms, copper production expanded sharply to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.2% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The pace of growth was the most pronounced in 2013 with an increase of 35% against the previous year. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Copper Exports

Exports from the UK

In 2022, the amount of copper exported from the UK rose rapidly to X tons, with an increase of 10% compared with 2021 figures. Over the period under review, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 113% against the previous year. The exports peaked in 2022 and are likely to continue growth in the near future.

In value terms, copper exports surged to $X in 2022. Overall, exports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 76% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are likely to see steady growth in the immediate term.

Exports by Country

The Netherlands (X tons) was the main destination for copper exports from the UK, accounting for a 25% share of total exports. Moreover, copper exports to the Netherlands exceeded the volume sent to the second major destination, the United States (X tons), threefold. The third position in this ranking was held by Germany (X tons), with a 7.3% share.

From 2012 to 2022, the average annual growth rate of volume to the Netherlands amounted to -1.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+10.7% per year) and Germany (+1.7% per year).

In value terms, the Netherlands ($X), Italy ($X) and the United States ($X) constituted the largest markets for copper exported from the UK worldwide, together comprising 35% of total exports. Spain, Germany, France, the United Arab Emirates, Denmark, China, India, Turkey, Singapore and Greece lagged somewhat behind, together comprising a further 43%.

China, with a CAGR of +27.8%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average copper export price stood at $X per ton in 2022, surging by 6% against the previous year. In general, the export price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 an increase of 41%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

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 Italy ($X per ton), while the average price for exports to Singapore ($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 Spain (+4.7%), while the prices for the other major destinations experienced more modest paces of growth.

Copper Imports

Imports into the UK

Copper imports into the UK dropped markedly to X tons in 2022, waning by -20.3% on 2021. Overall, imports recorded a deep downturn. The pace of growth appeared the most rapid in 2013 when imports increased by 190%. Over the period under review, imports reached the peak figure at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, copper imports rose markedly to $X in 2022. Over the period under review, imports continue to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2013 with an increase of 83% against the previous year. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of copper to the UK, accounting for a 60% share of total imports. Moreover, copper imports from the United States exceeded the figures recorded by the second-largest supplier, China (X tons), fivefold. Singapore (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual growth rate of volume from the United States totaled -4.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-6.9% per year) and Singapore (+4.6% per year).

In value terms, the United States ($X) constituted the largest supplier of copper to the UK, comprising 50% of total imports. The second position in the ranking was held by Singapore ($X), with a 17% share of total imports. It was followed by China, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States amounted to -2.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (-0.4% per year) and China (-1.2% per year).

Import Prices by Country

The average copper import price stood at $X per ton in 2022, with an increase of 44% against the previous year. In general, the import price continues to indicate a prominent increase. The growth pace was the most rapid in 2016 when the average import price increased by 223% against the previous year. Over the period under review, average import prices reached the maximum in 2022 and is likely to see steady growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by New Zealand (+20.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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