In recent months, news of shortages have been widespread. These span a number of key industries, including everything from gas to glass, and fuel to copper.
In the case of the world’s copper supply, there are a number of larger factors at play, which have culminated in a global shortage of copper. As a result, global copper prices are at an all time high.
This blog post is designed to help our customers keep informed about the current situation, and to understand what JTC roofing is doing to mitigate these circumstances (in relation to copper roofing).
Keep reading to find out more about what is causing the global copper shortage, predictions for the industry, and how we at JTC roofing are responding to the situation.
What is causing the copper shortage?
As we attempt to navigate a post-pandemic world, there will be, naturally, a few bumps on the road.
One unexpected consequence of the supply chain’s return to normal is copper’s rapid rise in price.
In fact, copper prices have risen by 50-60% in the last 6 months alone, and due to the ongoing global shortage, these prices are predicted to rise even further.
This comes after the 3-year period of low copper prices, which was due to the recession that COVID-19 brought about in 2020. So, in a sense, the rapid shift in pricing is reflective of the global economy’s return to normal.
There is a debate amongst specialists as to whether this is simply a short-term post-COVID phenomenon, or whether the copper prices will remain high into the future.
The factors that are causing the shortages and high copper prices include:
- Supply chains returning to normal levels after the pandemic
- A decline in the discovery of new copper resource deposits
- A reduction in the quality of copper ore
- A rise in market demand for copper
- The ongoing demand from property building and urbanisation
- The push for clean energy.
The last point is particularly important, as copper is an imperative part of the global push for clean energy.
The International Energy Agency has reported its predictions that by 2040, 45% of global copper demand will be for clean energy technologies.
Copper is required for a wide range of green energy projects, including green cars, and its remarkable properties mean that it cannot simply be replaced with another material.
At JTC Roofing, one of our most popular specialist services is the supply and installation of copper roofing. Copper is a fantastic roofing material, which is renowned for its durability and eco-consciousness.
We pride ourselves on only ever sourcing our materials from ethical and responsible suppliers.
We work with some of the most trusted suppliers in the industry, including Aurubis and KME Copper – companies that are renowned for their quality and ethical practices.
As a result, we can continue to deliver our same exceptional quality of service, even amidst the current situation.
If you have any further questions about the global copper shortage, or how we are responding to the situation, don’t hesitate to get in touch. Our team of specialists are happy to advise you.