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World Copper Market, Freedonia

  • April 2015
  • -
  • Freedonia
  • -
  • 377 pages

World demand to rise 4.7% annually through 2019
Worldwide demand for copper metal (produced from refined copper and recycled scrap) is projected to advance 4.7 percent per year to 37.2 million metric tons in 2019. Robust gains in building construction expenditures are expected to boost the use of copper wire, tube, and other mill products in applications such as building wire, plumbing, and architecture. Increased infrastructure investment, particularly in developing countries, will further benefit copper suppliers, as updates to national power grids drive the production of wire and cable. In addition, advances in global manufacturing output are expected to bolster the use of copper metal in industrial machinery, domestic appliances, and other durable goods. Nevertheless, competition from competitive materials, such as plastic pipe in plumbing applications, will restrain faster overall growth.
Production of refined copper to accelerate
Global production of refined copper is forecast to expand 4.6 percent per year to 29.1 million metric tons in 2019. The Asia/Pacific region is expected to see the fastest annual gains, led by increased output in China and India. Electrolytic refining of primary copper will continue to represent the primary method of production in these countries, although recycled scrap will account for a greater share of refined copper output. Downstream copper mills are also expected to increasingly employ recycled scrap as worldwide recovery methods improve. Among other areas, the Africa/Mideast region is forecast to see the fastest gains in refined copper output, particularly in countries such as Congo, where domestic mine production is expanding at a rapid rate. North America is also projected to see copper mine output grow at a strong pace, supported by major expansions in Mexico and Canada.
China dominates demand, India to post fastest growth
China drives the global copper market, accounting for more than 40 percent of worldwide demand. The country’s massive building construction and electrical and electronic sectors consume huge volumes of copper in the production of electrical wire, pipe, consumer and business electronics, and telecommunications equipment. Strong domestic output of industrial machinery and household appliances further bolster copper demand in China. India is forecast to register the strongest performance of any major copper market through 2019. Robust increases in domestic building construction, driven in part by an expanding urban population and government investment, will boost copper consumption. Advances in construction spending are also forecast to fuel copper demand in North America, particularly in the US, where building construction activity will significantly accelerate. More moderate increases in copper demand are forecast for Western Europe, where construction and manufacturing output will climb at a belowaverage pace.
Study coverage
Details on these and other key findings are contained in the upcoming Freedonia industry study, World Copper presents historical demand data (2004, 2009, 2014) plus forecasts for 2019 and 2024 by copper metal market, world region, and for 21 major countries. The study also provides historical data and forecasts for refined copper demand and production, smelter production, and mine output in each major country. In addition, the study assesses market environment factors, evaluates company market share, and profiles 30 industry players worldwide.

Table Of Contents

World Copper Market, Freedonia
TABLE OF CONTENTS

INTRODUCTION xii

I. EXECUTIVE SUMMARY 1

II. MARKET ENVIRONMENT 4

General 4
World Economic Overview 5
Recent Historical Trends 5
World Economic Outlook 6
World Population Outlook 9
World Manufacturing Outlook 11
World Construction Outlook 14
World Electrical and Electronics Sector Outlook 17
World Motor Vehicle and Parts Outlook 19
Copper Production Process 21
Mining and Smelting 23
Refining 24
Electrolytic Refining 24
Solvent Extraction/Electrowinning 24
Copper Metal Fabrication 25
Copper Recycling 26
Pricing Trends 27
Competitive Materials 29
Environmental and Regulatory Considerations 31

III. WORLD COPPER MINING 33

General 33
Reserves by Country 34
Production by Country 36
International Trade 41

IV. WORLD COPPER SUPPLY and DEMAND 43

General 43
Refined Copper Overview 44
Demand by Region 44
Production by Region 47
Electrolytic 49
Primary 51
Secondary 52
Electrowon 54
International Trade and Stockpiles 55
Copper Metal Overview 57
Demand by Region 57
Scrap Utilization 61
Demand by Market 62
Building Construction 64
Electrical and Electronic 67
Transportation Equipment 70
Industrial Products 71
Consumer and Other 73
International Trade 76

V. NORTH AMERICA 78

Economic Overview 78
Copper Supply and Demand 79
Copper Markets 81
United States 84
Canada 91
Mexico 97

VI. WESTERN EUROPE 104

Economic Overview 104
Copper Supply and Demand 105
Copper Markets 108
Germany 110
Italy 117
France 122
United Kingdom 128
Spain 134
Belgium 140
Other Western Europe 145

VII. ASIA/PACIFIC 152

Economic Overview 152
Copper Supply and Demand 153
Copper Markets 156
China 158
Japan 165
India 171
South Korea 177
Taiwan 183
Indonesia 188
Thailand 194
Other Asia/Pacific 199

VIII. OTHER REGIONS 206

Central and South America 206
Economic Overview 206
Copper Supply and Demand 207
Copper Markets 209
Brazil 211
Other Central and South America 217
Eastern Europe 223
Economic Overview 223
Copper Supply and Demand 225
Copper Markets 227
Russia 229
Poland 235
Other Eastern Europe 240
Africa/Mideast 246
Economic Overview 246
Copper Supply and Demand 247
Copper Markets 249
Turkey 251
Iran 257
Other Africa/Mideast 261

IX. INDUSTRY STRUCTURE 269

General 269
Market Composition 269
Market Share 272
Acquisitions and Divestitures 276
Cooperative Agreements 279
Exploration and Development 279
Mining 282
Refining and Mill Products 286
Production and Development 288
Company Profiles 289
Aditya Birla Minerals, see Hindalco Industries
African Rainbow Minerals Limited 290
Anglo American plc 291
Antofagasta plc 294
ASARCO, see Grupo Mexico
Aurubis AG 297
Baiyin Nonferrous Group, see CITIC Group
BHP Billiton Limited 300
BioSigma, see Corporación Nacional del Cobre de Chile
and JX Holdings
Boliden Group 303
CABLO Metall-Recyling and Handel, see Aurubis
China Daye Non-Ferrous Metals Mining Limited 304
Chinalco Yunnan Copper Resources, see Yunnan Copper
Industry Group
CITIC Group Corporation 306
Codelco, see Corporación Nacional del Cobre de Chile
Compañía Minera Antamina, see BHP Billiton and
Glencore
Compañía Minera Doña Ines de Collahuasi SCM, see
Anglo American, Glencore, and JX Holdings
Compañía Minera Milpo SAA 308
Corporación Nacional del Cobre de Chile 310
Ernest Henry Mining Proprietary, see Glencore
First Quantum Minerals Limited 314
Glencore plc 322
Gould Electronics, see JX Holdings
Grupo Mexico SAB de CV 327
Hindalco Industries Limited 332
Inmet Mining, see First Quantum Minerals
Jiangxi Copper Corporation 334
Jinchuan Group Company Limited 337
Jinlong Copper, see Sumitomo Metal Mining and
Tongling Nonferrous Metals Group Holdings
JX Holdings Incorporated 340
Kamoto Copper, see Glencore
Kennecott Utah Copper, see Rio Tinto Group
KGHM Polska Miedz SA 345
Kobelco and Materials Copper Tube, see Mitsubishi
Materials
LS-Nikko Copper Incorporated 348
Lumina Copper, see First Quantum Minerals
Minera Escondida Limitada, see BHP Billiton, JX
Holdings, Mitsubishi Materials, and Rio Tinto Group
Mining and Metallurgical Company Norilsk Nickel 350
Minmetals Jiangxi Copper Mining Investment, see Jiangxi
Copper
Mitsubishi Materials Corporation 353
Mutanda Mining Sarl, see Glencore
National Iranian Copper Industries Company 357
Northparkes Mines, see Sumitomo Metal Mining
Oyu Tolgoi, see Rio Tinto Group
Pan Pacific Copper, see JX Holdings
Philippine Associated Smelting and Refining, see
Glencore
PolyMet Mining, see Glencore
PT Newmont Nusa Tenggara 359
PT Smelting, see Freeport-McMoRan, JX Holdings, and
Mitsubishi Materials
Resolution Copper Mining, see BHP Billiton and Rio
Tinto Group
Rio Tinto Group 360
Sable Zinc Kabwe, see Glencore
Schwermetall Halbzeugwerk, see Aurubis
Sesa Sterlite, see Vedanta Resources
SH Copper Products, see Sumitomo Metal Mining
Southern Copper, see Grupo Mexico
Sumitomo Metal Mining Company Limited 364
Tongling Nonferrous Metals Group Holdings
Company Limited 368
Ural Mining and Metallurgical Company 371
Vedanta Resources plc 372
Xiangguang Copper Company Limited 374
Xstrata, see Glencore
Yunnan Copper Industry Group Company Limited 375

LIST OF TABLES

SECTION I -- EXECUTIVE SUMMARY
Summary Table 3

SECTION II -- MARKET ENVIRONMENT
1 World Gross Domestic Product by Region 9
2 World Population by Region 11
3 World Manufacturing Value Added by Region 14
4 World Construction Expenditures by Type and Region 17
5 World Electrical and Electronic Equipment Manufacturing Value
Added by Region 19
6 World Motor Vehicle and Parts Manufacturing Value Added by
Region 21

SECTION III -- WORLD COPPER MINING
1 World Copper Ore Reserves by Country, 2014 35
2 World Copper Mine Production by Country 36
3 World Copper Mine Net Exports by Region 42

SECTION IV -- WORLD COPPER SUPPLY and DEMAND
1 World Refined Copper Demand by Region 46
2 World Refined Copper Production by Method and Region 48
3 World Production of Electrolytic Refined Copper by Source and
Region 51
4 World Production of Electrolytic Refined Copper from Primary
Sources by Region 52
5 World Production of Electrolytic Refined Copper from
Secondary Sources by Region 54
6 World Production of Electrowon Refined Copper by Region 55
7 World Net Exports of Refined Copper by Region 57
8 World Copper Metal Demand by Product and Region 60
9 World Scrap Use in Copper Mills by Region 62
10 World Copper Metal Demand by Market 63
11 World Building Construction Market for Copper by
Application and Region 67
12 World Electrical and Electronic Market for Copper by
Application and Region 69
13 World Transportation Equipment Market for Copper
by Application and Region 71
14 World Industrial Product Market for Copper by Application
and Region 73
15 World Consumer and Other Markets for Copper by Application
and Region 75
16 World Net Exports of Copper Mill Products by Region 76

SECTION V -- NORTH AMERICA

1 North America: Copper Supply and Demand 81
2 North America: Copper Demand by Market 83
3 United States: Copper Supply and Demand 88
4 United States: Copper Demand by Market 91
5 Canada: Copper Supply and Demand 95
6 Canada: Copper Demand by Market 97
7 Mexico: Copper Supply and Demand 101
8 Mexico: Copper Demand by Market 103

SECTION VI -- WESTERN EUROPE

1 Western Europe: Copper Supply and Demand 107
2 Western Europe: Copper Demand by Market 109
3 Germany: Copper Supply and Demand 114
4 Germany: Copper Demand by Market 116
5 Italy: Copper Supply and Demand 120
6 Italy: Copper Demand by Market 122
7 France: Copper Supply and Demand 126
8 France: Copper Demand by Market 128
9 United Kingdom: Copper Supply and Demand 131
10 United Kingdom: Copper Demand by Market 133
11 Spain: Copper Supply and Demand 137
12 Spain: Copper Demand by Market 139
13 Belgium: Copper Supply and Demand 143
14 Belgium: Copper Demand by Market 145
15 Other Western Europe: Copper Supply and Demand 149
16 Other Western Europe: Copper Demand by Market 151

SECTION VII -- ASIA/PACIFIC

1 Asia/Pacific: Copper Supply and Demand 155
2 Asia/Pacific: Copper Demand by Market 157
3 China: Copper Supply and Demand 162
4 China: Copper Demand by Market 165
5 Japan: Copper Supply and Demand 169
6 Japan: Copper Demand by Market 171
7 India: Copper Supply and Demand 175
8 India: Copper Demand by Market 177
9 South Korea: Copper Supply and Demand 180
10 South Korea: Copper Demand by Market 183
11 Taiwan: Copper Supply and Demand 186
12 Taiwan: Copper Demand by Market 188
13 Indonesia: Copper Supply and Demand 192
14 Indonesia: Copper Demand by Market 194
15 Thailand: Copper Supply and Demand 197
16 Thailand: Copper Demand by Market 199
17 Other Asia/Pacific: Copper Supply and Demand 203
18 Other Asia/Pacific: Copper Demand by Market 205

SECTION VIII -- OTHER REGIONS

1 Central and South America: Copper Supply and Demand 209
2 Central and South America: Copper Demand by Market 211
3 Brazil: Copper Supply and Demand 215
4 Brazil: Copper Demand by Market 217
5 Other Central and South America: Copper Supply and Demand 221
6 Other Central and South America: Copper Demand by Market 223
7 Eastern Europe: Copper Supply and Demand 227
8 Eastern Europe: Copper Demand by Market 229
9 Russia: Copper Supply and Demand 233
10 Russia: Copper Demand by Market 235
11 Poland: Copper Supply and Demand 238
12 Poland: Copper Demand by Market 240
13 Other Eastern Europe: Copper Supply and Demand 243
14 Other Eastern Europe: Copper Demand by Market 245
15 Africa/Mideast: Copper Supply and Demand 249
16 Africa/Mideast: Copper Demand by Market 251
17 Turkey: Copper Supply and Demand 254
18 Turkey: Copper Demand by Market 256
19 Iran: Copper Supply and Demand 259
20 Iran: Copper Demand by Market 261
21 Other Africa/Mideast: Copper Supply and Demand 266
22 Other Africa/Mideast: Copper Demand by Market 268

SECTION IX -- INDUSTRY STRUCTURE

1 World Refined Copper Sales by Company, 2014 271
2 Selected Acquisitions and Divestitures 277
3 Selected Cooperative Agreements for Exploration and
Development 280
4 Selected Cooperative Agreements for Copper Mining 283
5 Selected Cooperative Agreements for Copper Refining and
Milling 286

LIST OF CHARTS

SECTION II -- MARKET ENVIRONMENT
1 Copper Production and Refining Process 22
2 World Copper Metal Price, 2004-2014 29

SECTION III -- WORLD COPPER MINING
1 World Copper Mine Production by Country, 2014 37

SECTION IV -- WORLD COPPER SUPPLY and DEMAND
1 World Refined Copper Demand by Region, 2014 46
2 World Refined Copper Production by Method and Region, 2014 49
3 World Copper Metal Demand by Region, 2014 61
4 World Copper Metal Demand by Market, 2014 64
5 World Copper Net Exports by Type and Region, 2014 77

SECTION V -- NORTH AMERICA
1 North America: Copper Metal Demand by Country, 2014 84

SECTION VI -- WESTERN EUROPE
1 Western Europe: Copper Metal Demand by Country, 2014 110

SECTION VII -- ASIA/PACIFIC
1 Asia/Pacific: Copper Metal Demand by Country, 2014 158

SECTION IX -- INDUSTRY STRUCTURE
1 World Refined Copper Market Share, 2014 272

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