For the Quarter Ending March 2025
North America
In Q1 2025, North America’s copper rod market saw notable volatility, influenced by U.S. trade policies and industrial demand. Supply-chain strains emerged from Chile’s Lundin mine closure and reduced treatment charges, tightening raw material availability. Speculative trading ahead of potential tariffs widened the COMEX-LME price gap, reflecting trade barrier anxieties.
U.S. copper rod prices rose 6.5% quarter-on-quarter, closing at USD 16,131/mt DEL Alabama. President Trump’s proposed 25% tariffs under Section 232 investigations triggered a record $920/mt COMEX premium over LME prices. Supply challenges persisted as import reliance (45% of consumption) faced risks from mine closures and logistical bottlenecks.
Demand surged, driven by a 22.1% YoY EV sales growth and a 9.8% monthly rise in automotive sales, alongside construction sector expansion. Data centers and battery manufacturers sought supply stability through partnerships amid cost concerns. While secondary copper inflows alleviated some pressure, primary supply shortages and robust downstream demand kept prices elevated. Tariff-related stockpiling and resilient industrial activity sustained upward momentum, despite mixed sectoral responses and policy uncertainties.
Europe
Europe's copper rod market experienced a slight 0.1% QoQ price decline in Q1 2025, ending the quarter at USD 12,665/mt FOB Hamburg. However, prices showed an upward trend throughout Q1 2025. Supply tightened as London Metal Exchange (LME) inventories fell and Hamburg’s port congestion delayed deliveries. Steady premiums from Aurubis, Europe’s top producer, balanced regional stability against global headwinds. Demand was bolstered by green energy transitions, though manufacturing sluggishness persisted. Germany faced acute supply constraints. Aurubis reported a 7% annual decline in copper concentrate throughput, exacerbated by a 13% production drop at its Hamburg plant. LME inventories fell 3.5% mid-quarter, while port delays from labor shortages and equipment repairs disrupted logistics. Global scrap export restrictions and high energy costs further strained availability. Demand dynamics improved, driven by a 53.5% surge in battery-electric vehicle registrations and solar projects adding 2.15 GW capacity. Car exports rose 19% YoY, aligning with Germany’s €1 trillion infrastructure plan. However, U.S. tariff speculation diverted copper to COMEX, widening spreads and tightening European supply. Lower miner forecasts intensified market tightness, sustaining upward price momentum despite sectoral demand variability.
APAC
The APAC copper rod market grappled with supply-demand imbalances in Q1 2025, driven by global concentrate shortages and regional manufacturing rebounds. South Korea, a key regional player, faced pronounced volatility due to intersecting supply constraints and robust industrial demand. In South Korea, copper rod prices rose 4.5% quarter-on-quarter, closing at USD 11,779/mt FOB Busan. Supply tightened as London Metal Exchange (LME) inventories in Busan continued to fall throughout the quarter, compounded by plummeting treatment charges (TC/RCs) and PT Freeport Indonesia’s smelter delays. Major producers like Aurubis saw a 7% annual drop in concentrate throughput, squeezing raw material availability. Demand remained strong, led by the electrical equipment sector. Investments in data centers and U.S. power infrastructure, alongside restrictions on Chinese imports, spurred orders. Exports of semiconductors (+1.8%) and automobiles (+27.1%) further amplified copper consumption. Geopolitical risks, including potential U.S. tariffs and exchange rate pressures, exacerbated price hikes. Despite domestic employment declines and prolonged delivery times, manufacturing activity rebounded, with input costs rising sharply. The quarter highlighted South Korea’s pivotal role in balancing global supply chains amid tightening markets and geopolitical headwinds.
For the Quarter Ending December 2024
North America
Copper rod prices in North America rose by 3% in the fourth quarter of 2024, driven by robust demand and moderate supply constraints. Supply challenges, including disruptions at BHP's Olympic Dam and ongoing dockworkers' strikes, created tight market conditions. While global copper production saw a late-quarter recovery, domestic mining output declined, further pressuring supply. Rising energy costs and logistical issues, particularly at U.S. ports, added to the market's complexities.
Demand for copper rods remained strong, supported by construction and automotive sectors. U.S. homebuilder confidence rose as favorable mortgage rates boosted activity, while construction materials costs edged up. The automotive sector showed mixed performances, with robust light-vehicle sales offsetting declines in production. By the end of the quarter, depleted inventories and surging downstream demand led to a price boost. The renewable energy sector also contributed to demand resilience, balancing concerns over the broader economic slowdown.
Despite seasonal slowdowns in construction and elevated mortgage rates affecting residential activity, optimism remains for 2025, driven by anticipated growth in green technologies and easing supply chain issues. The market exhibited stability, with demand trends pointing to sustained growth. In the USA, prices increased steadily throughout the quarter, closing at USD 13,448/MT DEL Alabama.
Europe
In the fourth quarter of 2024, the copper rod market in Europe experienced a 4% price increase compared to the previous quarter, driven by steady supply dynamics and strengthening demand in key sectors. In Germany, the market exhibited robust manufacturing activity, with stable production levels and efficient supply chain management maintaining adequate copper rod inventory. Despite the challenges posed by the disruption on the Moselle River, which affected logistics, Germany’s strategic position in European manufacturing helped sustain production. Copper prices were supported by increased copper scrap purchase prices and growing demand from the automotive and luxury real estate sectors. However, the electric vehicle segment showed some signs of softening, with a slight decline in battery-electric vehicle registrations. Demand for copper in construction remained resilient, bolstered by international investments in the luxury real estate market. The rise in freight rates on the Asia-Europe route also impacted copper rod prices, while Germany's decision to scale back subsidies for certain solar installations may influence future copper demand in the renewable energy sector. By the end of the quarter, copper rod prices in Germany had reached USD 11,874/MT, reflecting the region's stable market fundamentals and cautious optimism moving into 2025.
APAC
In the fourth quarter of 2024, the copper rod market in the APAC region experienced a 2.6% quarter-on-quarter price increase, driven by steady demand and evolving supply dynamics. The region's market remained resilient, supported by robust manufacturing and strategic capacity adjustments despite supply chain disruptions and fluctuating inventories in China. Key sectors such as automotive and consumer goods manufacturing provided consistent demand, while policy measures, such as China's export tax changes, added complexity to market conditions. In South Korea, copper rod prices rose steadily, closing the quarter at USD 10,423/MT FOB Busan. The automotive sector was a significant driver, with a 5.5% increase in exports and a 3.1% rise in domestic sales, fueled by the growing electric vehicle market. The telecommunications sector also contributed with sustained demand for 5G infrastructure. However, the construction sector faced challenges, with reduced activity and declining completion values, reflecting broader economic headwinds. Rising electricity costs and regional shipping dynamics further influenced pricing trends. Despite these challenges, South Korea's well-developed infrastructure and advancements in manufacturing efficiency supported stable supply levels. Overall, the copper rod market demonstrated resilience and adaptability, indicating a cautiously optimistic outlook heading into 2025.
For the Quarter Ending September 2024
North America
In Q3 2024, the North American Copper Rod market witnessed a significant uptrend in prices driven by a confluence of factors. The robust global economic recovery played a pivotal role in bolstering industrial demand for Copper Rod, with growing adoption of electric vehicles further boosting copper requirements for batteries and charging infrastructure. Additionally, increased industrial activity as businesses ramped up production for the fall season and strong demand from the construction sector accelerated prices. But when compared to the previous quarter, the prices witnessed negligible changes.
In the United States, the market experienced significant price fluctuations throughout the quarter, culminating in a substantial 4% rise in the latter half compared to the initial half. The quarter displayed positive overall trends, reflecting a stable pricing environment amidst fluctuating global economic conditions.
The latest quarter-ending price of USD 13,551/MT for Copper Rod (C110-1 inch) DEL Alabama in the USA underlines the prevailing upward trajectory in pricing, signaling a promising outlook for the sector.
APAC
Asia's copper rod market demonstrated resilience in Q3 2024, primarily influenced by China's export dynamics and regional industrial growth. The continent witnessed sustained demand from the expanding electric vehicle sector, particularly in ASEAN nations, while manufacturing activities remained robust despite global economic uncertainties.
Vietnam's copper rod market exhibited notable strength, recording a 1% increase between the first and second half of Q3, with a positive 1% change from the previous quarter. The market was characterized by strong demand drivers, including the flourishing automotive sector, boosted by government incentives on domestic vehicle registration fees. Infrastructure development, particularly post-Typhoon Yagi reconstruction efforts, further amplified demand. Supply dynamics were influenced by increased Chinese exports and higher overseas premiums, though weather-related disruptions created some constraints. The manufacturing sector's expansion and construction industry growth provided additional support to market fundamentals.
The emerging focus on electric vehicle exports and ongoing industrial expansion programs positioned Vietnam favorably in the regional copper rod market. The quarter-ending price of USD 10257/MT of Copper Rod (25 mm) CFR Hai Phong in Germany reflects a consistently increasing pricing environment in Q3 2024.
Europe
Throughout Q3 2024, the European Copper Rod market witnessed a significant upward trend in prices, driven by a confluence of factors. One key driver was the global surge in demand for industrial metals, particularly copper, fueled by the transition towards renewable energy, electric vehicles, and AI technologies. This increased demand, coupled with Beijing's economic easing measures and optimism surrounding Chinese demand, created a bullish market sentiment. Additionally, the announcement of Portus Data Centers' new facility in Hamburg further boosted local copper demand, adding to the positive price momentum.
In Germany, which saw the most substantial price changes in the region, the market experienced stable supply conditions amidst low demand. Despite challenges in key end-use sectors like automotive and construction, the quarter saw a notable 15% increase in prices compared to the same quarter last year. The slight variation from the preceding quarter in 2024 suggests a stable market condition, marked by a modest 4% escalation in prices during the latter half of the quarter as compared to the first. The quarter-ending price of USD 11844/MT of Copper Rod (25 mm) FD-Bad Berleburg in Germany reflects a consistently increasing pricing environment in Q3 2024.
For the Quarter Ending June 2024
North America
In Q2 2024, the Copper Rod market in North America experienced significant pricing fluctuations in a downward direction compared to the previous quarter driven primarily by intricate supply-demand dynamics. The quarter has been marked by a series of influential factors, including global supply chain disruptions, heightened inventory levels, and economic uncertainties. Copper prices initially surged due to supply constraints stemming from production challenges at key mines, particularly in Latin America, which exacerbated concentrate shortages. Moreover, increasing imports of copper scrap by smelters to circumvent these shortages further influenced market dynamics. A strong US dollar and the Federal Reserve's stance on delaying interest rate cuts added downward pressure on prices, balancing the supply-driven upward momentum.
Focusing on the USA, which has witnessed maximum price changes, the overall trend in Q2 has been predominantly stable yet slightly bearish. Seasonal influences and economic indicators, such as slow job vacancy rates and trade data variances from major consumers, have also played a critical role. Compared to the preceding quarter of 2024, the pricing registered a significant decline, indicative of a cooling market sentiment.
The slight price difference between the first and second half of the quarter, underscores this stability amidst fluctuating external factors. Concluding Q2, the Copper Rod (C110-1 inch) price stood at USD 12988/MT DEL Alabama, portraying a nuanced pricing environment that, while reflecting stability, has been influenced by a confluence of bearish market pressures and cautious economic outlooks.
Europe
During Q2 2024, the pricing environment for Copper Rod in the Europe Region has been notably positive, marked by an upward trajectory driven by several influencing factors. The primary catalysts behind the price surge include geopolitical tensions, labour strikes in key mining regions, and stringent mining regulations, all contributing to supply constraints. Additionally, the ongoing expansion of data centres and the electrification of the global economy have bolstered demand for copper, which is crucial for manufacturing electric vehicles, power grids, and wind turbines. Amidst these dynamics, European copper producers have faced challenges maintaining production levels, further tightening supply and driving prices upward.
Focusing specifically on Germany, which experienced the most significant price changes, the overall trend has been one of steady increase. The seasonality effect played a minor role, with demand remaining robust throughout the quarter. Correlation in price changes was evident, with a slight increase compared to the same quarter last year and a notable rise from the previous quarter in 2024, indicating sustained demand and constrained supply. The comparison between the first and second halves of the quarter showed an increase, reflecting consistent market strength.
Concluding Q2 2024, the price of Copper Rod (25 mm) FD-Bad Berleburg in Germany reached USD 11294/MT. This price trajectory underscores a positive pricing environment, driven by strong industrial demand and limited supply, cementing copper's critical role in the ongoing energy transition and industrial activities.
Asia-Pacific
During Q2 2024, the Copper Rod market in the APAC region experienced a period of relative stability. Several factors contributed to this equilibrium, including balanced supply-demand dynamics, cautious optimism in global economic recovery, and steady industrial activities predominantly in the automotive and infrastructure sectors. The supply side remained robust due to consistent production outputs, while demand was supported by the ongoing expansion in renewable energy and electric vehicle segments. Geopolitical stability and favourable macroeconomic policies further bolstered market confidence, mitigating extreme price volatility.
In South Korea, the Copper Rod market witnessed the most significant changes, albeit within a stable context. The general pattern showed an increase from the same quarter last year, highlighting a moderate but consistent growth path. When compared to the previous quarter in 2024, prices notably rose, indicating a positive sentiment driven by heightened demand and strategic inventory management by local manufacturers. Interestingly, the price comparison between the first and second half of the quarter showed no change (0%), highlighting a consistent pricing environment throughout the quarter. This stability suggests that any fluctuations were effectively balanced by market forces.
The latest quarter-ending price for Copper Rod (20 mm) FOB Busan in South Korea stood at USD 10078/MT. This figure indicates a stable pricing environment, largely attributed to concerted efforts by industry stakeholders to synchronize supply and demand and mitigate the impacts of global economic fluctuations. Overall, the Q2 2024 pricing environment for Copper Rod in South Korea has been stable, reflecting a well-managed market with positive undertones.
