The International Copper Study Group (ICSG) said that due to increased production in China and Congo, global refined copper production increased by 5.3% year-on-year to 19.9 million tons in January-September 2023, creating a surplus of about 17,000 tons. January-september primary refining production, which includes ore electrolysis and electrolytic extraction, rose 4.8% to 16.6 million tonnes, while scrap secondary production rose 7.5% to 3 million tonnes.
The increase was driven by a 13 percent increase in production in China and a 5 percent increase in production in Congo. But the increase in world refined copper production was offset by maintenance, accidents or operational problems in major producing countries, resulting in a 3.8% decline in Chile, an 11% decline in the United States, a 5% decline in India, a 1% decline in Japan, a 28% decline in Indonesia, a 14% decline in Finland and a 40% decline in Sweden.
