Global Recycled Copper Production Expected to Rise Slightly in 2024
The production of recycled-content copper is projected to see a modest increase in 2024 compared to last year, according to data from the Lisbon-based International Copper Study Group (ICSG). Between January and November 2024, global secondary copper production exceeded 4.23 million metric tons (mmt). With at least 378,000 metric tons produced monthly in the last four months, the year-end total is expected to surpass 4.5 mmt and could reach 4.6 mmt.
In 2023, the total secondary copper output was 4.55 mmt, representing a 1.5 to 1.75 percent increase in 2024. However, secondary copper’s share of total global refined copper output may decline slightly from 2023’s figure of 16.9 percent due to a 3.8 percent rise in primary refined output.
The ICSG attributes the growth in primary refined copper production to a recovery from constrained mining output in 2023, particularly in Chile and Indonesia. Increased production from projects in the Democratic Republic of Congo (DRC), Botswana, Mongolia, and Serbia also contributed to the rise.
According to the ICSG, “Global mine production benefited from a recovery from constrained output in 2023 as well as additional production from mine projects ramping up to capacity.”
While primary production growth outpaced secondary, recycled copper production still grew, supported by strong performances in China and the DRC. The ICSG notes, “Chinese refined production is estimated to have risen by about 4.5 percent due to the start-up and expansion of a number of primary and secondary (from scrap) smelters and refineries.” This expanded capacity has helped bolster the global share of secondary copper refining.
The copper market continues to see contributions from both primary and secondary sources, with 2024 poised to maintain a balance between the two. Growth in recycled copper production, though modest, reflects the ongoing demand for sustainable materials in the global economy.
