Chinese copper smelters to reduce purchases of copper concentrate - market sources

China’s 15 major copper smelters have agreed to cut copper concentrate purchases by 8.8% this year, several market sources told Fastmarkets.

The scale of the procurement reduction by the 15 smelters has been agreed at 1.26 million tonnes, or around 300,000 tonnes measured by metal content. The smelters also agreed to increase the use of alternative raw materials, Fastmarkets understands.
“I heard the news at the weekend, and the cut means Chinese smelters are acting [in response] to the current tight copper concentrate market - although the reduction in volumes is not [that] big,” a smelter source said.

“A tight market means low treatment and refining charges (TC/RCs), which is not good for smelter profits, [and] they are trying...

Published

Sally Zhang

May 10, 2021

10:10 GMT

Shanghai