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  • Commodities Buzz: ICSG Says World Refined Copper Production Up Around 5.5% in January 2023
  • March 23,2023  14:33
  • The International Copper Study Group (ICSG) released preliminary data for January world copper supply and demand in its March 2023 Copper Bulletin. Preliminary data indicates that world copper mine production increased by about 4.5% in January 2023, with concentrate production increasing by around 3.5% and solvent extraction-electrowinning (SX-EW) by about 9%. Mine production grew by around 4.5% in January 2023, however this compares to a lower January 2022 basis when the copper mining industry was still negatively impacted by restrictions related to Covid-19 and sustained rates of infection that limited mine output in a number of countries.

    Actual production in Chile increased by 3% compared to January 2022, but was lower by 1.5% when compared to the average monthly production of 2022. Chilean concentrate production grew by 0.8% in January and SX-EW output by 8%. Preliminary data indicates that world refined copper production increased by about 5.5% in January 2023 with primary production (electrolytic and electrowinning from ores) up by about 5.9% and secondary production (from scrap) up by 4.7%. The world apparent refined copper usage grew by about 1.5% in January 2023. Chinese apparent demand (excluding changes in bonded/unreported stocks), grew by 2%, and net refined copper imports declined by 0.6%. Preliminary world refined copper balance in January 2023 indicates an apparent surplus of about 103,000 tonnes.

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