For the Quarter Ending June 2025
North America
• Copper rod Price Index rose about 2% quarter on quarter compared to Q1 2025, reflecting moderate firming in prices across the region.
• Copper rod Production Cost Trend: At the start of the quarter, raw material and freight costs eased slightly, offering limited cost relief to producers. However, by mid quarter, cost inflation in logistics and scrap premiums began to creep back in, supporting producer margins despite soft demand.
• Copper rod Demand Outlook: Downstream industrial demand remained weak throughout the quarter. Industrial consumers, including automotive, electrical, and construction sectors adopted a cautious stance amid trade policy uncertainty. Automotive sales slid, and technology infrastructure roll outs remained muted, leading to sluggish purchases by end users.
• Copper rod Price Forecast: Although short term oversupply risk persisted mid quarter due to elevated COMEX inventories and import volumes, market expectations pointed toward a tightening later in 2025. Structural demand from electrification, renewable energy, and AI data centers is expected to support a modest price recovery by year end.
• Inventories and Supply Dynamics: By the end of the quarter, COMEX copper inventories had surged (up by double digits %) as arbitrage flows intensified, creating an oversupply environment. Global refined output remained steady, while no major logistical disruptions occurred to support price lifts.
• Why did the price of copper rod change in July 2025 in USA?
Copper prices in the U.S. increased sharply in July 2025. This spike followed the U.S. Commerce Department’s announcement of a 50% tariff on copper imports, effective August 1, prompting buyers to accelerate purchases ahead of enforcement. COMEX copper futures surged up to ~25%, with physical U.S. prices rallying amid fears of imminent supply constraints and arbitrage distortions.
APAC
• The APAC Copper rod Price Index increased by 3.3% versus Q1 2025, reflecting modest firmness in regional markets.
• Copper rod Production Cost Trend remained stable throughout the quarter, as lower freight expenses and steady raw material availability eased logistics cost pressures, despite limited impact on price direction.
• Copper rod Demand Outlook was muted in early quarter, especially in Indonesia, where industrial sectors like automotive and construction delayed procurement amid high interest rates and cautious sentiment. Despite some activity picking up mid quarter, overall demand recovery was gradual.
• Copper rod Price strength surfaced toward the end of the quarter, supported by tightening global concentrate supply and recovery in infrastructure-related consumption.
• Copper rod Price Forecast anticipates that while immediate oversupply may linger, medium to long term fundamentals including expanding EV and renewable infrastructure demand could support a moderate rebound later in 2025.
• At the start of the quarter, Indonesia’s copper rod market saw a slight decline, driven by weak demand and stable supply; buyers remained cautious amid macroeconomic uncertainty.
• By mid quarter, supply conditions tightened: LME inventories fell by ~2.5%, secondary copper feed was scarce and costly, and logistics costs rose, while domestic demand began strengthening under policies like TKDN and infrastructure projects boosting industrial consumption.
• By end of quarter, supply constraints became more pronounced. Reduced imports from China, scrap shortages, and higher freight pushed copper rod Price upward in Indonesia, with inventories of finished rods dropping and mills operating at elevated capacity utilization.
Why did the price of copper rod change in July 2025 in Asia?
In early July 2025, copper prices surged following the U.S. government's announcement of a sweeping 50% tariff on copper imports, scheduled to take effect on August 1, 2025. This led to a rush of shipments into U.S. ports ahead of enforcement, tightening supply in other regions and sharply increasing premiums such as the CME–LME spread. This flow diversion and arbitrage squeeze caused the Copper rod Price Index in APAC to increase in July.
Europe
• Copper rod Price Index rose by approximately 1.1 % quarter-on-quarter, driven by tightening supply conditions and modest improvements in industrial sentiment in Europe.
• Copper rod Production Cost Trend: Raw input prices, particularly from copper scrap and concentrate treatment charges, remained volatile. Although some moderation in scrap pricing offered limited relief, elevated logistics and energy costs partly offset any cost easing.
• Copper rod Demand Outlook: Demand remained cautious. Construction and automotive sectors in Germany limited purchases largely to essential restocking. Downstream confidence was muted amid global trade uncertainty and sluggish industrial momentum.
• The copper rod market followed typical seasonal volatility: after a weak start of the quarter with falling prices in early April, sentiment turned stronger by mid quarter as LME inventories tightened, cancellations surged, and NEV related demand signals emerged, supporting gradual recovery in copper rod Price Index.
• Copper rod Price Forecast: In the medium term, fundamentals suggest price stability into early Q3 2025, unless unexpected demand shocks or policy changes emerge. Structural demand from energy transition and NEV build-out could support moderate upside later in the year.
Why did the price change in July 2025 in Europe?
Copper rod Price Index in Europe exhibited a mixed reaction in early July as LME prices remained near multi month highs, supported by supply concerns and tariff-induced arbitrage flows. Thus in July 2025, prices in Europe edged down slightly, reflecting retreat from peak levels as tariff driven U.S. demand cooled.
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.
FAQs
Q1: What are currently driving copper rod prices in different regions?
Prices are driven by surging demand from electric vehicles (EVs) and renewable energy, alongside ongoing infrastructure development and construction, especially in Asia-Pacific. Volatility in raw copper prices and regional supply-demand dynamics also play a significant role.
Q2: Who are the major global copper rod producers?
While many companies produce copper rods, major copper mining countries like Chile, Democratic Republic of Congo, Peru, and China are key. China is also a dominant producer and consumer of refined copper and copper rods.
Q3: What are the primary applications of copper rod globally?
Copper rods are essential for electrical and electronics (wires, cables, conductors), construction (electrical systems, plumbing), automotive (EVs, traditional vehicles), and industrial machinery (motors, transformers).
Q4: What are the main challenges and opportunities for the global copper rod market?
Opportunities lie in booming EV adoption and green energy transition. Challenges include volatile raw copper prices, potential supply chain disruptions, and the need for sustainable production amidst growing demand.
