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Peru’s Zinc Chain: A Stronger Role for Zinc Concentrate

Zinc Concentrate played a stronger and more consistent role in Peru’s Zinc export chain than in Australia’s, leading in more quarters and averaging a significantly higher share (67.7% vs. 53.7%). Despite two shifts in relative position, its dominance in Peru remained clear over the period.

Between 2022-Q3 and 2025-Q2, the total Zinc export value of Peru and Australia followed a very similar path. Both experienced a slight downward trend with low volatility in the initial and early middle periods, followed by a slight upward trend with low volatility in the later periods. Overall volatility for both countries was limited. Peru’s final-quarter figure was unexpected, while Australia’s was not. Over the full period, Peru grew at a compound rate of 0.5%, reaching about USD 817,000 in 2025-Q2, while Australia grew at 0.9%, reaching nearly USD 801,000. The two series show a moderate correlation and generally moved in the same direction. In 2025-Q2, Peru and Australia recorded year-on-year growth rates of 32.0% and 25.8%, respectively.

February 21, 2026 Lead & Zinc

Iron Ore’s Heavier Weight in China’s Import Mix

Across the period, Iron Ore consistently outperformed Copper Concentrate in both positioning and contribution, underscoring its stronger and more dominant role in China’s import structure.

Between 2022-Q3 and 2025-Q2, the total import value of China’s Iron & Steel and China’s Copper moved in opposite directions, with a moderate inverse relationship. Iron & Steel imports declined gradually, posting a negative CAGR of -3.3% and falling from about USD 11.2 million to USD 7.76 million by 2025-Q2. Copper imports, however, increased slightly over the same period, with a CAGR of 0.9%, reaching roughly USD 18.0 million. On a year-on-year basis in 2025-Q2, both categories recorded declines, though the drop was sharper for Iron & Steel than for Copper. Trend analysis shows that Iron & Steel followed a slightly downward path, while Copper maintained a slightly upward path, and both exhibited low and limited volatility throughout the initial, middle, and closing periods.

February 10, 2026 Copper, Iron Ore, Steel Raw Materials

Peru Keeps Copper Concentrate on Top

Copper Concentrate played a more prominent and influential role in Peru’s upstream copper exports than in Chile, consistently holding a higher position and representing a larger share throughout 2022-Q2 to 2025-Q1.

Between 2022-Q2 and 2025-Q1, the export values of the Upstream Copper Industry in Peru and Chile showed a moderate and positive correlation, meaning they generally moved in the same direction. Volatility for both countries remained limited, indicating relatively stable export performance. Peru’s exports followed mostly slight upward trends with low volatility, except for a brief slight decline in the late middle period, before rising again toward the end. Chile started with a slight downward trend, but then maintained slight upward trends with low volatility through most of the period. By 2025-Q1, Peru’s export value reached about USD 6.61 million, growing 23.9% year-on-year, while Chile’s exports rose to around USD 12.6 million, up 16.8% year-on-year. Over the whole period, Peru recorded a higher compound growth rate (3.0%) than Chile (0.2%), despite Chile’s consistently larger export value.

December 29, 2025 Copper

Peru’s Metals Export: Copper on Top

Copper Concentrate has clearly led Peru’s upstream metals exports, consistently outperforming Zinc Concentrate with an 87.6% share versus zinc’s 68.6%, showing its dominant and steady role over the analyzed period.

From 2022-Q2 to 2025-Q1, Peru’s Upstream Copper Industry exports grew steadily, reaching about 6.61 million USD in 2025-Q1, while Upstream Zinc Industry exports rose more modestly to around 635,000 USD. Copper exports hit their lowest at 4.79 million USD and highest at 6.61 million USD, showing minor ups and downs across the period. Zinc exports fluctuated between 548,000 USD and 787,000 USD, starting with slight decreases and finishing with modest rises. The overall growth rate was 3.0% for copper but -1.9% for zinc. Correlation between the two was weak and inverse, with both showing limited volatility. Copper consistently outperformed zinc, highlighting a clear gap in export performance.

December 24, 2025 Copper, Lead & Zinc

Copper’s Dominance Over Aluminum Endures

Over the period under review, upstream Copper clearly outperformed upstream Aluminum in global trade. With a much larger average share and a consistently higher position, the Upstream Copper Industry maintained a stronger and more effective role than its Aluminum counterpart.

From 2019 to 2024, the total global trade value of Copper grew faster and more strongly than that of Aluminum. Copper increased from about USD 212 million to nearly USD 348 million, supported by a high compound annual growth rate of 10.4%, while Aluminum rose from roughly USD 201 million to around USD 274 million with a lower growth rate of 6.4%. Copper reached its lowest value at the start of the period and its highest at the end, whereas Aluminum hit its minimum in 2020 and peaked earlier, in 2022. Over time, Copper showed moderate upward movements with normal volatility before stabilizing with lower fluctuations, while Aluminum experienced milder changes with limited volatility. By 2024, Copper again outperformed Aluminum in annual growth. Overall, both metals moved closely together, showing a very strong positive correlation throughout the period.

December 17, 2025 Aluminum, Copper

Copper Wirerod Maintains a Higher Standing in Global Trade

Overall, Copper Wirerod consistently played a stronger and more influential role in global trade than Aluminum Wirerod, both in terms of positioning and share within their respective value chains.

Between 2019 and 2024, the total global trade values of Copper and Aluminum both increased, although Copper grew faster and more strongly. Copper’s trade value rose from about USD 212 million to nearly USD 348 million, supported by a higher CAGR of 10.4%, while Aluminum increased from around USD 203 million to approximately USD 276 million with a CAGR of 6.4%. Copper reached both its lowest and highest levels at the beginning and end of the period, respectively, whereas Aluminum experienced its minimum in 2020 and peaked earlier, in 2022. Trend analysis shows that Copper followed mostly upward movements with moderate changes, while Aluminum displayed milder shifts with lower volatility. Overall, Copper showed conventional volatility, Aluminum remained more stable, and both markets moved closely together, reflecting a very good and positive correlation throughout the period.

December 13, 2025 Aluminum, Copper

Upstream Cathode Outshines Downstream Wirerod

Between 2019 and 2024, Copper Wirerod played a noticeably smaller role in downstream trade than Copper Cathode did in upstream markets, and cathode kept its stronger position every single year.

From 2019 to 2024, the Downstream Copper Industry grew steadily from about USD 81.9 million to USD 123 million, while the Upstream Copper Industry expanded faster, rising from USD 130 million to USD 225 million. Downstream reached its lowest point in 2020 and upstream in 2019, but both hit their highest levels in 2024. Over time, downstream moved from medium upward trends with normal volatility to slight declines and then slight recoveries with limited volatility; upstream showed a similar late-period pattern. In 2024, downstream and upstream values rose by 11.0% and 10.0%, respectively. Overall, the two industries showed a very good correlation and moved in the same direction during the entire period.

December 9, 2025 Copper

Importance of changes in the global copper price on Chile and Peru economy

The growth of the concentrate price in 2021

11% of Chile’s GDP and 10% of Peru’s GDP are related to the extraction of mineral metal; among all these metals, copper is known as the crucial one in these two countries. As a consequence, copper accounts an important metal for the countries’ economies.

In view of the increase in the global copper price in 2021, Chile’s concentrate and cathode experienced an increase in their export price which respectively was 33.9% and 34%, and this increase was about 35% and 32.6% for Peru’s concentrate and cathode.

September 9, 2023 Copper

Australia and Brazil, two largest suppliers of China’s iron ore

China’s iron ore imports

China is the largest world’s steel producer and only in 2022, it produced over 1bt steel. Despite the fact that the country is one of the biggest iron ore producers, it’s also accounted as the largest iron ore importer in the world due to its high iron ore required to produce steel.

Australia and Brazil are the largest producers and exporters of iron ore in the world which a huge part of their production is being bought by China. The iron ore production volume of Australia was 932mt in 2022 and this volume for Brazil was about 430mt.

August 11, 2023 Iron Ore

Limited Supply Effect on TC Concentrates

Increasing Revenue of Smelters and Refinery

It’s worth mentioning that during the first quarter of 2021, TC decreased by a 17% average monthly rate and recorded the least amount of the recent decade. With the help of Chinese smelters’ closing down and demands dropping, TC increased, and over the last quarter of 2022, owing to the shortage of concentrate supply without any changes it remained at high levels.

Key mines of Chile and Peru faced production disruptions due to heavy rains and indigenous protests, and this matter caused a drop in production and exacerbating the supply deficit of copper concentrate in Indonesia’s mines last year. Therefore, the drop in concentrate production was one of the crucial reasons for TC’s upward trend all over 2022.

July 14, 2023 Copper

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