Refined copper wire: Its key role in Peruvian mining exports

The contribution of refined copper wire to Peruvian mining exports is evident in the substantial growth of its export value.

The Peruvian mining industry has undergone significant growth in the production and export of copper, including its wire form. As a result, Peru is now one of the leading global producers of this metal. The country's ability to export higher-value products, such as refined copper wire, has been further strengthened by growing international demand.

Refined copper wire is a metal product made from copper that undergoes pyrometallurgical processes at high temperatures to remove impurities and achieve a high level of purity. The final product must contain at least 99.85 % copper.

However, this product has seen a decline in recent years. Specifically, exports decreased by -10.4 % in 2022 and 8.9 % in 2023.

Source: Yayo López / PROMPERÚ

The promising outlook of copper wire in the international market

According to a report by the Commission for the Promotion of Peru for Exports and Tourism (PROMPERÚ), copper wire was one of the top-performing products in the iron and steel sector up to December 2023, generating at least USD 279 million from January to December of that year.

Additionally, refined copper wire with a diameter greater than 6 mm accounted for 19 % of total exports, followed by unalloyed zinc with a zinc content of less than 99.99 % (18 %), notched unalloyed iron or steel bar (9 %), alloyed unwrought silver (7 %), and other refined copper sheets and strips (6 %).

Overall, these products made up 59.6 % of the sector's shipments, reaching 35 markets and being exported by 24 companies. The top five markets represented 65.8 % of the sector's total sales, with the United States (23.8 %), Colombia (20.1 %), Ecuador (7.3 %), and Switzerland (5.8 %) standing out.

Source: Yayo López / PROMPERÚ

Source: Gisella Benavides / PROMPERÚ

How are we doing in 2024?

Exports from Peru's iron and steel sector reached USD 1,335 million in the first nine months of 2024, marking a 17.0 % increase compared to the same period in 2023. This growth translates into an additional USD 194 million in exports.

As if that were not enough, refined copper wire stands out as one of the top-performing products in the sector, accounting for 22.8 % of exports from January to September 2024. It leads the way, followed by unalloyed zinc with a purity of less than 99.99 %, which makes up 15.0 % of exports. Together, the top five products represent 64.9 % of the sector's total exports.

Source: Yayo López / PROMPERÚ

Finally, Peru's exports of refined copper wire highlight the mining sector's potential to diversify its offerings, positioning the country as a leader not only in extraction but also in the transformation of minerals for the global market today.