International Copper Study Group (ICSG) released preliminary data for March world copper supply and demand in its May 2025 Copper Bulletin. Preliminary data indicates that world copper mine production increased by about 1.2% over the first three months of 2025, with concentrate production increasing by 1.4% and solvent extraction-electrowinning (SX-EW) by 0.5%. In the first three months of 2025, global mine production benefited from additional output from projects ramping up to capacity and an improvement in production at a number of operating mines. However, growth was partially offset by declines in few countries including Canada, Indonesia, Mexico and the USA. In Peru, copper mine production increased by 4% y-o-y mainly due to higher output at Las Bambas, Quellaveco and Toromocho.
Preliminary data indicates that world refined copper production increased by about 3% during the first three months of 2025 with primary production (electrolytic and electrowinning from ores) up by 3% and secondary production (from scrap) up by 3.5%. Production in China and the DRC, that currently represent about 56% of the world's total production, is estimated to have increased by about 4.3%.
Preliminary data suggests that world apparent refined copper usage grew by about 3% in the first three months of 2025. Chinese apparent demand (excluding changes in bonded/unreported stocks) is estimated to have grown by around 4.5%. Chinese net refined copper imports declined by 8% (refined copper imports declined by 1% and copper exports increased by 156%). ICSG stated that preliminary world refined copper balance indicates an apparent surplus of about 289,000 t in the first three months of 2025.