United Kingdom: Market for Copper Ores And Concentrates 2024

Market Size for Copper Ores And Concentrates in the UK

In 2021, after two years of decline, there was significant growth in the UK copper ores and concentrates market, when its value increased by 1,109% to $X. In general, consumption, however, continues to indicate a abrupt setback. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Production of Copper Ores And Concentrates in the UK

In value terms, copper ores and concentrates production shrank to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.7% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 with an increase of 14%. As a result, production attained the peak level of $X, and then fell in the following year.

Exports of Copper Ores And Concentrates

Exports from the UK

In 2021, overseas shipments of copper ores and concentrates decreased by -84.7% to X tons for the first time since 2014, thus ending a six-year rising trend. Over the period under review, exports saw a deep contraction. The pace of growth was the most pronounced in 2020 with an increase of 99.9% against the previous year. As a result, the exports reached the peak of X tons, and then shrank markedly in the following year.

In value terms, copper ores and concentrates exports shrank sharply to $X in 2021. Overall, exports recorded a noticeable descent. The most prominent rate of growth was recorded in 2020 with an increase of 110% against the previous year. As a result, the exports attained the peak of $X, and then fell sharply in the following year.

Exports by Country

Turkey (X tons), Malaysia (X tons) and Norway (X tons) were the main destinations of copper ores and concentrates exports from the UK, together accounting for 82% of total exports. These countries were followed by Canada, China, Germany and Belgium, which together accounted for a further 15%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Canada (with a CAGR of +56.8%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for copper ores and concentrates exported from the UK were Norway ($X), Turkey ($X) and Malaysia ($X), together accounting for 89% of total exports. These countries were followed by Germany, China, Canada and Belgium, which together accounted for a further 6.4%.

Canada, with a CAGR of +58.5%, 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

In 2021, the average copper ores and concentrates export price amounted to $X per ton, surging by 51% against the previous year. In general, the export price continues to indicate a remarkable increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Norway ($X per ton), while the average price for exports to Canada ($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 Belgium (+14.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Copper Ores And Concentrates

Imports into the UK

In 2021, supplies from abroad of copper ores and concentrates increased by 735% to X tons for the first time since 2018, thus ending a two-year declining trend. Overall, imports, however, recorded a sharp decline. Over the period under review, imports reached the maximum at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, copper ores and concentrates imports skyrocketed to $X in 2021. In general, imports, however, continue to indicate a dramatic shrinkage. The growth pace was the most rapid in 2018 when imports increased by 520% against the previous year. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Australia (X tons) constituted the largest copper ores and concentrates supplier to the UK, with a 46% share of total imports. Moreover, copper ores and concentrates imports from Australia exceeded the figures recorded by the second-largest supplier, Ireland (X tons), twofold. China (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2021, the average annual growth rate of volume from Australia amounted to +9.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Ireland (-12.7% per year) and China (+21.1% per year).

In value terms, Ireland ($X) constituted the largest supplier of copper ores and concentrates to the UK, comprising 50% of total imports. The second position in the ranking was held by Australia ($X), with a 14% share of total imports. It was followed by South Africa, with a 7.6% share.

From 2012 to 2021, the average annual growth rate of value from Ireland amounted to -14.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+11.9% per year) and South Africa (-44.1% per year).

Import Prices by Country

In 2021, the average copper ores and concentrates import price amounted to $X per ton, reducing by -49.8% against the previous year. In general, the import price continues to indicate a abrupt shrinkage. The growth pace was the most rapid in 2016 when the average import price increased by 161%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Mexico ($X per ton), while the price for Australia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+33.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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