Refined unwrought copper market in Italy

Earlier Report Observations

The Italian refined unwrought copper market volume grew from 491.2 thousand tonnes in 2020 to 628.5 thousand tonnes in 2022, a 28% increase, before declining to 548.3 thousand tonnes in 2024. This overall movement was driven by shifts in trade and domestic production. Imports fell sharply in 2020 to 449.2 thousand tonnes, then rebounded to a peak of 617.8 thousand tonnes in 2022, subsequently easing to 549.9 thousand tonnes in 2024. Exports remained relatively low but increased from 10.5 thousand tonnes in 2018 to 21.3 thousand tonnes in 2024. Meanwhile, domestic production dropped substantially from 71.5 thousand tonnes in 2020 to 19.7 thousand tonnes in 2024, reducing the local supply base.

The market contraction in 2024 reflected both price dynamics and regulatory changes. Copper prices rose in May 2024 due to strong demand, tight supply, and high energy costs, making the metal more expensive for Italian industrial consumers in cables, electronics, and equipment. Simultaneously, the EU’s 2018/1981 regulation limiting copper use in plant protection products – implemented in Italy with clarifications from the Ministry of Health – curtailed demand from the agricultural sector, further reducing overall consumption.

Production refined unwrought copper in Italy

In value, 2017-2020, M $ US

Annual dynamics of production in Italy in value, 2017-2020, M $ US

In kind, 2017-2020, t

Annual dynamics of production in Italy in kind, 2017-2020, t

Exports refined unwrought copper from Italy

Exports in kind, K t

Italy's exports of refined unwrought copper have grown for the third year in a row. In 2020, the country exported 29.5 K t, representing a substantial increase of 96.2% compared to 2019. Looking at the broader period from 2017 to 2020, exports surged by 242.9%, which translates to an average annual growth rate of 50.8%.

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

From 2017 to 2020, China, Germany, and Turkey were the primary destinations for Italy's refined unwrought copper exports in volume terms. China accounted for 25.4% of exports, Germany for 24.2%, and Turkey for 12.0%. Together, these three countries made up 61.6% of Italy's total export flows during this period.

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

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

Exports in value, M $ US

Italy's exports of refined unwrought copper have continued to rise for the third consecutive year. In 2020, export value reached 187 M $ US, marking a significant increase of 102.6% over the previous year. Over the four-year span from 2017 to 2020, exports grew by 250.6%, with a compound annual growth rate of 51.9%.

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

Between 2017 and 2020, China, Germany, and Turkey dominated Italy's refined unwrought copper exports in value terms. These three markets collectively represented 61.6% of total export flows, maintaining their central role throughout the period.

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

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

Imports refined unwrought copper to Italy

Imports in kind, K t

Italy's imports of refined unwrought copper have declined for the second year in a row. In 2020, import volume stood at 449.2 K t, down 18.4% from 2019. Over the 2017-2020 period, imports decreased by 17.9%, with an average annual decline of 6.4%. The peak import volume was recorded in 2018 at 554.6 K t, which also saw the largest annual increase of 1.4%.

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

From 2017 to 2020, Italy's imports of refined unwrought copper in volume terms were highly diversified. The top three suppliers—Congo with 12.0%, Austria with 11.8%, and Chile with 9.1%—collectively accounted for just 32.9% of total imports. The remaining 67.1% came from a wide range of smaller markets.

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

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

Imports in value, M $ US

Italy's imports of refined unwrought copper have fallen for the second consecutive year. In 2020, import value amounted to 2 788 M $ US, reflecting a 16.8% decrease compared to 2019. Between 2017 and 2020, imports dropped by 17.7%, equivalent to an average annual decline of 6.3%. The highest import value was in 2018 at 3 677 M $ US, which also experienced the largest annual increase of 8.5%.

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

During the 2017-2020 period, Italy's imports of refined unwrought copper in value terms were spread across numerous countries. Austria contributed 11.9% of imports, Congo 11.8%, and Chile 9.1%. Together, these three countries represented only 32.8% of total import flows, highlighting the diverse sourcing strategy.

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

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