Diverted tonnages have been flowing into the spot copper concentrate market following unplanned outages at major smelters, boosting treatment charges (TCs) in the final two weeks of November.
Fastmarkets MB’s copper concentrate index rose by $2 per tonne/0.2 cents per lb to $88.8 per tonne/8.88 cents per lb on Friday November 30 from the middle of the month. Multiple deals, offers and bids were heard in the spot market over the past two weeks in the Asia-Pacific markets.
Gresik, Aurubis, Tuticorin's outages
Spot tonnages have been entering the market after PT Smelting declared force majeure and canceled copper concentrate supply shipments to its Gresik smelter in Indonesia, co-owner Mitsubishi Materials Corp told Fastmarkets MB on Wednesday.
Gresik, which processes more than 1 million tonnes per year of copper concentrates, is predominantly supplied by Freeport-McMoRan's Grasberg copper-gold mine in Papua. Several smelters in China told Fastmarkets MB they received offers of Grasberg concentrates at three-digit...