World Refined Copper Market Records Deficit in January: ICSG

ICSG

Refined Copper Demand Exceeds Supply at Start of 2025

Global refined copper consumption outpaced production in January, leading to a 19,000-tonne deficit, according to the ICSG. The refined copper output reached 2.38 million tonnes, while consumption totaled 2.4 million tonnes. This shortfall is slightly less than the 24,000-tonne deficit recorded during the same month last year.

Production Rises in Asia and Peru, But Offsets Remain

Copper mine production increased by 2.1% year-on-year, driven by growth in Peru, the DRC, and Asia. However, output declines in North America and Chile partially offset the global gains. Refined copper output was up just 1%, with Asia (excluding China) seeing a notable 10% rise from new refinery projects. In contrast, Chile’s refined output fell 14%, and production remained flat in China and the DRC.

Global Usage Driven by China, While Western Demand Slows

Refined copper usage rose 0.75%, with a 1% increase in Chinese apparent demand. Meanwhile, consumption growth outside China was limited to 0.5%, reflecting ongoing weakness in the EU, Japan, and the US. The supply-demand gap highlights regional imbalances in copper demand recovery and industrial output growth.

The Metalnomist Commentary

The January deficit underscores a shifting copper landscape: Asian output is rising while Western demand remains tepid. As clean energy and electrification trends accelerate, these early signals point to tightening global balances in the refined copper market.