Tom Stundza -- Purchasing, 1/21/2010 11:34:01 AM
World copper use in the first 10 months of 2009 slipped by 1% to15.089 million metric tons from January-October 2008, according to the International Copper Study Group (ICSG), while inventories registered a surplus of 78,000 metric tons-as compared with a deficit of about 58,000 metric tons in the first ten months of 2008.
Through October, Chinese use of refined copper grew by 43% to 1.8 million metric tons to account for 40% of world use-and nearly offset an 18% decline in the rest of the world. Use decreased by 21% in the European Union's 15 countries, by 31% in Japan, and by 21% in the U.S. The ISCG says these regions, when combined, account for about 29.5% of world use.
World mine production grew by 1.9% in the first 10 months of 2009 compared with the same period of 2008. Still, mine production capacity utilization fell to 79.7% compared with 81.7% in the same period of 2008. Meanwhile, concentrate production grew by 0.5%, while solvent extraction-electrowinning (SX/EW) was up by 7.3%.
World refined production in the first ten months of 2009 was essentially flat compared with a year earlier. Primary production increased by 0.3% while secondary production (from scrap) decreased by 2%. Refined production capacity utilization fell to 77.8% compared with an average rate of 80.9% in the same period of 2008.
Production in the major world producers-Australia, Chile, the U.S., China and Canada-dropped fell by a total of 270,000 metric tons, and partially offset growth in Indonesia, Peru, the Congo and Brazil.
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