Copper ores and concentrates market in Spain

Earlier Report Observations

Spain's copper ores and concentrates market underwent substantial changes between 2018 and 2024. Trade flows adjusted significantly in the early years, with import value dropping from $3.5 billion in 2018 to $1.8 billion in 2020. From 2021, when market size data becomes available, the market reached $2.7 billion, supported by rising global copper prices which increased the value of domestic production despite a 4% decline in metallic mining value. In 2022, the market contracted sharply to $1.8 billion, as depletion of high-grade surface deposits and soaring global costs for energy and materials constrained output and trade. A recovery followed in 2023, with the market expanding to $2.5 billion, driven by strong international demand for copper in green technologies and streamlined environmental approvals for strategic mining projects.

Policy initiatives played a key role in shaping the market during this period. The approval of the Sustainable Mineral Raw Materials Roadmap in August 2022 established a framework for sustainable extraction and circular economy, aiming to reduce import dependency and spur national investment. The strategic Cobre Las Cruces polymetallic project in Seville, recognized as critical for the EU, continued development and is expected to enable future production of copper, zinc, lead, and silver. Meanwhile, metallic mining value fell by 15% in 2022 and another 15% in 2023, even as employment in the sector grew by 4.1%, reflecting a shift toward more labor-intensive operations amid declining ore grades.

Production copper ores and concentrates in Spain

According to Faostat, there is no production of copper ores and concentrates in Spain.

Exports copper ores and concentrates from Spain

Exports in kind, K t

Spain's exports of copper ores and concentrates declined for the second year in a row. In 2019, exports reached their peak at 1,521 K t, but by 2020 they had fallen to 583 K t, marking a 43.5% decrease from the previous year. Over the period from 2017 to 2020, exports dropped by 49.8%, which translates to an average annual decline of 20.5%. The most significant increase occurred in 2018, when exports rose by 31.0%.

Annual dynamics of product's exports from Spain in kind, 2017-2020, K t

From 2017 to 2020, China and Bulgaria were the primary destinations for Spain's copper ores and concentrates exports, together accounting for 96.1% of the total volume. The remaining share was distributed among other trading partners.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Spain in kind, 2017-2020

Exports in value, M $ US

The value of Spain's copper ores and concentrates exports continued to fall for the second consecutive year. In 2019, exports peaked at 2,151 M $ US, but by 2020 they had decreased to 760 M $ US, representing a sharp 47.0% drop compared to the previous year. Between 2017 and 2020, export values declined by 53.8%, averaging an annual decrease of 22.7%. The largest increase was recorded in 2018, with a rise of 30.7%.

Annual dynamics of product's exports from Spain in value, 2017-2020, M $ US

During the 2017–2020 period, China and Bulgaria remained the key markets for Spain's copper ores and concentrates exports in value terms, jointly making up 95.5% of the total. Other partners accounted for the remainder.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Spain in value, 2017-2020

Imports copper ores and concentrates to Spain

Imports in kind, K t

Spain's imports of copper ores and concentrates saw a decline for the second year running. In 2019, imports dropped by 29.9%, and by 2020 they totaled 1,230 K t, reflecting a further 17.6% decrease from the previous year. From 2017 to 2020, imports fell by 37.2%, with an average annual decline of 14.4%. The highest import volume was recorded in 2018 at 2,130 K t, which included an 8.8% increase that year.

Annual dynamics of product's imports to Spain in kind, 2017-2020, K t

Between 2017 and 2020, Chile, Peru, and the United States were the leading sources for Spain's copper ores and concentrates imports by volume. Chile accounted for 33.1% of imports, Peru for 14.9%, and the United States for 13.6%, together representing 61.6% of the total flows.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Spain in kind, 2017-2020

Imports in value, M $ US

The value of Spain's copper ores and concentrates imports declined for the second consecutive year. In 2019, imports fell by 33.1%, and by 2020 they amounted to 1,833 M $ US, marking a 21.4% decrease year-over-year. Over the 2017-2020 period, import values decreased by 41%, with a compound annual growth rate (CAGR) of -16.1%. The peak value was in 2018 at 3,484 M $ US, which included a 12.2% increase that year.

Annual dynamics of product's imports to Spain in value, 2017-2020, M $ US

From 2017 to 2020, Chile, Peru, and Brazil played the dominant roles in Spain's copper ores and concentrates imports by value. Chile contributed 31.7% of the total value, while Peru and Brazil each accounted for 14.1%, together making up 59.8% of all import flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Spain in value, 2017-2020