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Copper group releases 2014 Statistical Yearbook

Portugal – The Portugal-based International Copper Study Group (ICSG) has released its 2014 Statistical Yearbook encompassing world copper supply and demand data for the 10 years from 2004 to 2013 inclusive.

The information enables an assessment of how the market evolved over the period and which countries gained or lost ground in terms of production, usage and trade. According to the ICSG data, world copper mine production jumped 24% over the 10-year period from 14.6 million tonnes in 2004 to 18.1 million tonnes in 2013.

Mine capacity utilisation averaged around 86% over the entire period but only 83% between 2008 and 2011 as a result of numerous factors, including labour unrest, temporary shutdowns and production cuts. Over the 10-year period, annual world refined copper production climbed 32% from 15.9 million tonnes in 2004 to 21 million tonnes in 2013, with secondary output from scrap soaring 84%.

The share of secondary production in the refined total increased from 13% in 2004 to around 18% in 2011 and remained at the same level in the ensuing two years. Over the full 10-year period, China′s annual refined production tripled to around 6.5 million tonnes while Chile′s output declined by 3% to 2.7 million tonnes.

In North America, refined production fell 22% to 1.7 million tonnes owing to refinery closures whereas the EU total advanced 10% to 2.7 million tonnes. World refined copper usage increased by 27% over the same 10-year period from 16.7 million tonnes to 21.3 million tonnes.

Growth was driven by China where apparent usage sky-rocketed 185% while the country′s share of world consumption expanded to 45% in 2013 from 20% in 2004. Conversely, world usage excluding China decreased by 12.5%, mainly owing to declines in the EU (-27%), Japan (-22%), and the USA (-24%).

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