NEWSBREAK: Codelco offers premium of $128/t to European clients for 2022

Chile's state-owned copper producer Codelco has made a premium offer of $128 per tonne to European clients for 2022 supplies, Fastmarkets understands.

That compares with the $123 per tonne being offered by German producer Aurubis to European clients, which it justified based on higher logistics costs and prospects for demand. 
The Codelco offer represents a $30 increase from its 2021 level.
The company's regional offers to customers are used as a benchmark for similar annual supply deals signed in November or December.
The $120s offer represented a big gap between the annual terms and spot premiums. Fastmarkets' current assessment of the copper grade A cathode premium, cif Rotterdam is $45-55 per tonne. 
For 2021 as a whole, Codelco expects copper production of 1.65 million tonnes.
In 2020, the world produced 23.8 million tonnes of copper, according to World Bureau of Metals Statistics. 

Julian Luk


Julian Luk

October 11, 2021

10:49 GMT