The Metal Bulletin TC/RC index remained at $84 per tonne / 8.4 cents per lb, where it has been since August 15.
Tender season kicks off with aggressive bids
After a year of fluctuating terms in 2018, tenders floated out to the market for next year’s tonnage indicate that some buyers at least are willing to pay very low TC/RCs to get a hold of concentrates.
Antofagasta’s tender to supply one parcel of Centinela concentrates for each quarter of 2019 and a parcel of Los Pelambres for each half of the year, was said to have achieved numbers below $60/6 cents for at least the bulk of tonnage offered.
Sources bidding on the cargoes informed Metal Bulletin of offers in a wide range as high as mid-high $70s/7 cents at the top end for H1 tonnes, indicating that traders are far apart on their views for next year’s market.
“Crazy doesn’t even cover...