World of Metallurgy ERZMETALL 68 2015 No 3114 Economics Technology and Science Economics World refined copper production defi cit of 475 000 t in 2014 There was a world refined copper production defi cit of 475 000 t last year compared to a shortfall of 270 000 t in 2013 This information was released by Interna tional Copper Study Group ICSG The balance for December last year showed an apparent production surplus of 104 000 t Despite strong Chinese apparent demand refined usage was weak in major consuming regions during the year end holiday period Across 2014 as a whole world apparent usage is estimated to have increased by 8 or 1 7 mill t to 23 mill t China s apparent demand increased by 13 5 or by around 1 3 mill t based on a 14 increase in net imports of refined copper Mtlexs com April 16 2014 ICSG release copper market fore cast for 2015 2016 The International Copper Study Group ICSG met in Lisbon Portugal on 23 24 April 2015 Government delegates and industry advisors from most of the world s leading copper producing and using countries met to discuss key issues affecting the global copper market In its meeting of the Statistical Com mittee the ICSG view of the world balance of refined copper production and use was developed ICSG pro jections for 2015 indicate that world refined copper production is expect ed to exceed apparent refined copper demand by 365 000 t According to ICSG projections for 2016 the copper market may show a second consecu tive production surplus relative to de mand However this is expected to be lower at 230 000 t as demand growth outpaces production growth After underperforming in 2014 with growth of just 2 4 world mine production after adjusting for historical disrup tion factors is expected to increase by around 5 in both 2015 and 2016 to 19 5 Mt and 20 5 Mt respective ly The increases will reflect expan sions at existing operations ramp up in production from mines that have recently come on stream and output from a few new mine projects Most of the new production is expected to be in the form of copper in concentrate After increasing by 7 in 2014 world refined copper production in 2015 is expected to increase by around 4 year on year to 23 4 Mt on the back of capacity expansions at electrolyt ic plants in China and to some ex tent from higher SX EW capacity in Africa Primary refined production excluding SX EW is expected to grow by 6 this year benefiting from increased availability of concentrate while secondary production is fore cast to decline by 2 on continued tightness in the scrap market In 2016 world refined copper production is expected to grow further by around 2 5 to 24 Mt Following growth of around 7 in apparent usage in 2014 ICSG expects world apparent refined usage in 2015 to increase by only 0 6 mainly because although industrial demand growth in China is expected at around 4 5 to 5 appar ent demand in China is expected to increase by 1 On the other hand usage in the rest of the world is ex pected to remain essentially flat For 2016 the growth in apparent refined usage is expected at around 3 with underlying Chinese industrial de mand growth expected at 5 Usage in the rest of the world is expected to increase by about 2 Mtlexs com April 27 2015 Tin market records surplus in 2014 The tin market recorded a surplus of 7 3 kt during January to December 2014 and there were no DLA deliver ies during the period Total reported stocks rose by 0 4 t during December and ended the period 6 0 kt higher than December 2013 Global reported production of refined metal exclud ing re processed LME metal was up by 33 8 kt compared with January to December 2013 Apparent demand in China was 15 higher than the equivalent period of the previous year Global tin demand during Jan uary to December 2014 was 379 kt which was 6 7 above the compa rable period of 2013 Japanese con sumption was 27 1 kt which was 1 2 kt below the comparable total for 2013 In December 2014 refined produc tion was 36 0 kt and demand was 33 0 kt Mtlexs com April 21 2015 Nickel market records surplus in 2014 The Nickel market was in sur plus during January to December 2014 with production exceeding apparent demand by 197 kt In the whole of 2013 the calculated surplus was 186 7 kt Reported stocks held in the LME at the end of December were 153 kt higher than at the end of the previous year Refined produc tion in January to December totalled 1902 5 kt and demand was 1705 9 kt Mine production during January to December was 1811 7 kt 669 kt be low the comparable 2013 total due largely to the assumed reduction in Indonesian output in response to the export ban Japanese refinery output decreased by 0 7 kt compared with 2013 and apparent demand was 2 0 kt lower than in 2013 World apparent demand was 92 2 kt lower than the previous year No allowance is made in the consumption calculation for unreported stock changes In Decem ber 2014 nickel smelter production was 157 8 kt and consumption was 131 2 kt Mtlexs com April 21 2015 China will remove exports taxes on rare earths aluminium rods and bars on May 1 China will remove taxes on exports of rare earths ferroalloys tungsten molybdenum and indium from May 1 the Ministry of Finance said The Ministry of Commerce had earlier flagged that taxes on rare earths would be scrapped from May China will also remove taxes on ex ports of non alloyed and alloyed alu minium rods and bars from May 1 the statement said China is the world s top producer of most metals alcircle com April 23 2015 Production of primary aluminium dwindles in South America The re cent announcement of Alumar smelt er shutdown the fifth and largest smelter to be decommissioned since 2009 has hammered another nail into the coffin of South America s dying al uminium industry The three potlines at Alumar had been systematically shut down starting in 2013 and end

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