International Copper Study Group (ICSG) released preliminary data for December world copper supply and demand in its February 2025 Copper Bulletin. Preliminary data indicates that world copper mine production increased by about 2.3% in 2024, with concentrate production increasing by 1.9% and solvent extraction-electrowinning (SX-EW) by 4%. In 2024, global mine production benefited from a recovery from constrained output in 2023 (mainly in Chile and Indonesia) as well as additional production from mine projects ramping up to capacity namely in the D.R. Congo (DRC), Botswana, Mongolia and Serbia. However, these rises were partially offset by declines in a number of other countries, including major producers Canada, Panama, Peru and the United States.
Preliminary data indicates that world refined copper production increased by about 4.2% in 2024 with primary production (electrolytic and electrowinning from ores) up by 4.7% and secondary production (from scrap) up by 2%. Growth in world refined production was mainly a result of strong performances in China and the DRC due to expanded capacity. China and the DRC together account for about 54% of world refined copper production.
Preliminary data suggests that world apparent refined copper usage grew by about 2.9% in 2024. Chinese apparent demand (excluding changes in bonded/unreported stocks), grew by around 3.5%. Chinese net refined copper imports increased by 3% (refined copper imports increased by 8% but this was largely balanced by an 64% rise in exports). World ex-China usage grew by about 2.2%: weak demand in the EU, Japan and the United States was offset by growth in a number of Asian and MENA countries.
ICSG noted that preliminary world refined copper balance indicates an apparent surplus of about 301,000 tonnes in 2024.