Refined unwrought copper market in Belgium

Earlier Report Observations

Belgium's refined unwrought copper market is supported by substantial production and recycling capacities. In 2018, the Metallo-Chimique plant in Flanders was a key producer, while the new SIMS Recycling Solutions facility in Saint-Nicolas, capable of processing 40 000 tonnes of electronic devices annually, strengthened the copper recycling sector. This expansion responded to high global copper prices, which made recycling more economically attractive. By 2024, the market faced new constraints: global supply disruptions for copper concentrates limited refined production growth, and record-high copper prices, driven by expectations of U.S. interest rate cuts and Chinese stimulus, affected demand and pricing. Additionally, the law of 9 February 2024, effective 31 March 2024, banned cash payments for scrap metal purchases, altering transaction practices in the recycling industry.

Refined copper production in Belgium declined from 193.1 thousand tonnes in 2021 to 164.0 thousand tonnes in 2024, with a notable drop in 2024 linked to restricted raw material supply. Market volume in physical terms fluctuated, reaching 61.3 thousand tonnes in 2021 before falling to 54.7 thousand tonnes in 2024. Exports remained high, exceeding 150 thousand tonnes each year, underscoring Belgium's role as a net exporter. In value terms, the market's worth decreased from $686 million in 2021 to $516 million in 2024, reflecting the impact of price movements. Import volumes peaked in 2020 at 65.5 thousand tonnes then trended downward, while export volumes varied with a high of 182.8 thousand tonnes in 2021.

Production refined unwrought copper in Belgium

According to Faostat, there is no production of refined unwrought copper in Belgium.

Exports refined unwrought copper from Belgium

Exports in kind, K t

The market exhibited volatility during the observed period. Exports reached their lowest point in 2017 and peaked in 2019, with a 29-fold difference between these years. In 2020, Belgium exported 144.9 K t of refined unwrought copper, marking a 16.4% decrease from the previous year. The highest volume was recorded in 2019 at 173.4 K t, while the most significant growth occurred in 2018 with a 2 381.7% increase.

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

From 2017 to 2020, three key markets—Germany, China, and the Netherlands—collectively accounted for 71.0% of Belgium's total refined unwrought copper exports in kind.

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

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

Exports in value, M $ US

Market performance showed notable fluctuations over this period. Export values hit their minimum in 2017 and peaked in 2019, with a 28-fold difference between these extremes. In 2020, Belgium's refined unwrought copper exports totaled 914 M $ US, reflecting a 13.5% decline from 2019. The peak value was 1 057 M $ US in 2019, and the largest increase occurred in 2018 with a 2 491.0% rise.

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

During 2017–2020, Germany, China, and the Netherlands emerged as the primary markets for Belgium's refined unwrought copper exports in value terms, with shares of 45.5%, 18.5%, and 6.9% respectively. Together, they represented 70.9% of total export flows.

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

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

Imports refined unwrought copper to Belgium

Imports in kind, K t

Belgium's refined unwrought copper imports grew for the third consecutive year. In 2020, imports reached 65.5 K t, up 12.5% from the previous year. Over the 2017–2020 period, imports increased by 71.9%, with a compound annual growth rate of 19.8%.

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

From 2017 to 2020, Germany was the leading supplier of refined unwrought copper to Belgium, accounting for 77.2% of total imports in kind, while a diverse group of other countries made up the remainder.

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

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

Imports in value, M $ US

Belgium's refined unwrought copper imports rose for the second year in a row. In 2020, import value amounted to 415 M $ US, showing a strong 15.0% increase from the prior year. Over 2017–2020, imports grew by 50.2%, with a compound annual growth rate of 14.5%. The lowest value was recorded in 2018 at 269 M $ US, which also saw the largest decline of 2.9%. The most significant increase occurred in 2019 with a 34.5% rise.

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

Between 2017 and 2020, Germany continued to be the main source for Belgium's refined unwrought copper imports in value terms, holding a 78.8% share of total flows, while the rest was distributed among various other destinations.

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

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