The International Copper Study Group attributes the deficit to stagnant global refined copper production.
In comparison, mining companies have ramped up operations in countries including Brazil, Peru and Colombia, while Mexico, Chile, Colombia, Argentina and Ecuador have lined up tens of billions of dollars in private mining investment.
The country's economic growth continues to drive the recovery of the steel sector.
The latest news from junior mining companies operating across Latin America.
But industry association Inda said it expects flat steel purchases and sales to decline 5% in September.