The International Copper Study Group (ICSG) released preliminary data for January world copper supply and demand in its March 2025 Copper Bulletin. ICSG noted that preliminary data indicates that world copper mine production increased by about 2% in January 2025, with concentrate production increasing by 2.9% and solvent extraction-electrowinning (SX-EW) declining by 0.9%. In 2025, global mine production is benefiting from additional output from new mine projects starting or ramping up to capacity. In Peru, copper mine production increased by 7% y-o-y mainly due to the ramp-up of Quellaveco and higher production at a number of other mines.
Preliminary data indicates that world refined copper production increased by about 1% in January 2025 with primary production (electrolytic and electrowinning from ores) up by 0.9% and secondary production (from scrap) up by 1.3%. Based on preliminary data and estimates, growth in world refined copper production was constrained by a fall in Chilean output and limited growth in other major copper producing countries. Overall Chilean refined copper production declined by 14%, with electrolytic production down by 24% and electrowinning (SX-EW) output down by 8%.
Preliminary data suggests that world apparent refined copper usage grew by about 1% in January 2025. Preliminary world refined copper balance indicates an apparent deficit of about 19,000 t in January2025. In January 2025, the world refined copper balance, based on Chinese apparent usage (excluding changes in bonded/unreported stocks), indicated a preliminary deficit of about 19,000 t. This compares with a deficit of about 24,000 t in January 2024.