Global – Increased availability of scrap enabled global secondary refined copper production to shoot up 10% from 2.179 million tonnes in January-July 2016 to 2.406 million tonnes in this year’s corresponding period. Conversely, primary production dropped by 1.5% – from 11.303 million tonnes to 11.122 million tonnes, reports the International Copper Study Group.
There was also a small decline in global usage of refined copper across the opening seven months of this year: the total of 13.69 million tonnes trailed the 13.763 million tonnes of January-July 2016 by 0.5%.
‘Improved scrap supply is constraining world refined copper usage growth globally,’ the International Copper Study Group states. China’s refined copper usage declined by 2% in the first seven months of this year whereas an increase of around 1% was recorded for the rest of the world.
For the year to July, the refined copper market was in deficit to the tune of 163 000 tonnes as against a shortfall of 281 000 tonnes at the same stage last year.