FOCUS: Rise of China Copper - who is the new copper TC/RC benchmark setter?

China Copper became the head negotiator in the settlement of the 2021 copper concentrates treatment and refining charges (TC/RC) benchmark following years of expansion in copper capacity.

On Monday December 14, the subsidiary of Chinalco - which has outgrown its state-owned peers - became the first smelter to secure a deal with US copper miner Freeport-McMoRan at $59.50 per tonne/5.95 cents per lb.
Two sources with direct knowledge of the matter said Jiangxi Copper and Tongling Nonferrous voluntarily handed over control this year, addressing China Copper’s growing concentrates needs for the coming year.

For more than a decade, Jiangxi Copper had been the usual benchmark setter from the smelter side after taking over from its Japanese peers to settle the benchmark with miners, with the one exception being the 2018 benchmark settled between...


Julian Luk

December 15, 2020

09:05 GMT

Hong Kong