China Sulphuric Acid Market Continued to Hit Bottom, Weak Demand Dragged Down the Price Center [SMM Sulphuric Acid Weekly Review]

According to foreign media reports, India's state-owned Hindustan Copper is exploring plans to supply copper concentrate sourced from Chilean state miner Codelco to domestic producers Hindalco Industries and Adani, as India seeks to secure raw materials for its expanding copper industry. Hindustan Copper, Coal India and NTPC Mining are reportedly assessing opportunities involving four copper mining blocks held by Codelco in Chile. Hindustan Copper signed a preliminary cooperation agreement with Codelco in 2025, followed by a non-disclosure agreement in May 2026, with due diligence now underway. The move comes against a widening gap between India's copper consumption and domestic supply. India currently produces around 573,000 mt of refined copper annually, while domestic demand is estimated at approximately 1.8 million mt. Government estimates suggest that the country could eventually depend on imports for 91%-97% of its copper concentrate requirements by 2047. India has been expanding domestic copper smelting and refining capacity as electricity infrastructure, renewable energy, manufacturing and transport increase demand for the metal. However, expanding processing capacity without a corresponding increase in domestic mine supply increases the country's exposure to the international concentrate market. Securing access to Chilean resources could therefore provide Indian smelters with greater long-term supply security while reducing reliance on spot concentrate purchases. Market Impact: India's push into overseas copper resources could introduce additional competition for internationally traded concentrate at a time when mine supply growth is struggling to keep pace with expanding global smelting capacity. As India builds out its copper processing industry, its growing requirement for imported feedstock could increasingly influence Asian concentrate trade flows and competition for long-term supply contracts.

China's sulphuric acid market remains weak, with price rises in Northeast China and Inner Mongolia failing to mask the overall downtrend [SMM Sulphuric Acid Weekly Review]

On July 30, the Kazakh government announced that it had approved the investment agreement signed between the Ministry of Industry and Construction and Qazaq Smelter LLP for the Balkhash copper smelter project. The total private investment for the project is 750 billion tenge (approximately $1.58 billion). Construction is planned to start in 2027, with production commencing in 2030. The project is designed to produce 300,000 mt of copper cathode, 10 mt of gold, 300 mt of silver, and over 1.5 million mt of sulphuric acid annually, and will create around 1,200 permanent jobs. The Kazakh government expects that, once commissioned, the project will boost the country’s copper production by about 50% to above 800,000 mt, and increase exports of high-value-added copper products from 460,000 mt to 760,000 mt. Currently, the project is still at the stage of having its investment agreement approved, and the authorities have not yet disclosed its source of copper concentrates, process route, financing, or EPC arrangements. In addition, KAZ Minerals also plans to build another 300,000 mt/year copper smelter in the Abai Region, with a latest commissioning target of 2030–2031. If both projects proceed as planned, the combined new nominal copper cathode capacity in Kazakhstan will reach 600,000 mt/year, and the capacity for domestic smelting of copper concentrates may see a notable increase.

China sulphuric acid market continues weak, regional declines widen, index falls [SMM Sulphuric Acid Weekly Review]

Western Mining Co., Ltd. 2026 Semi-Annual Report: The company's copper smelting producers are Qinghai Copper and Western Copper Semis. Qinghai Copper employs the world's most advanced and competitive "double bottom blowing" copper smelting process, optimizing economic efficiency by further improving comprehensive recovery indicators. Its current smelting copper capacity is 200,000 mt/year. Western Copper Semis has a smelting copper capacity of 100,000 mt/year, continuously strengthening supply and sales management, enhancing product quality, and boosting profitability. During the reporting period, the company produced a total of 164,000 mt of smelting copper and by-produced 270,000 mt of sulphuric acid.

China's sulphuric acid market continues to weaken, index declines [SMM Sulphuric Acid Weekly Review]

In H1 2026, China’s sulphur market experienced a full transmission chain of “import collapse – output pressure – export stagnation”. Key figures: Production: National sulphuric acid output in January–May fell 1.6% y‑o‑y, with significant declines in traditional phosphate fertiliser producing provinces like Hubei, Guizhou, and Yunnan, while Anhui and other smelter‑acid‑concentrated regions saw growth. Exports: Sulphuric acid exports practically halted in June......

From H2 2025 to early 2026, the copper industry underwent profound structural shifts. China's smelting capacity continued to be released, reliance on imported raw materials deepened, and the supply of copper concentrates remained persistently tight. Driven by monetary policy changes, geopolitical conflicts, production cuts at mines outside China, and accelerated industry consolidation, copper prices repeatedly hit new highs. The industry shifted from a tight balance to a structural deficit, further strengthening copper's role as a strategic resource. Hereby, SMM joins hands with Qixian Hongda Refractory Co., Ltd. to cordially invite enterprises across copper mining, copper smelting, and related third-party equipment and consumables sectors to co-produce the . This initiative aims to gather high-quality industry resources and create an authoritative industry platform, helping enterprises enhance their industry influence and jointly promoting quality-driven industry development. (Click this link to request a free copy of the map: ) Qixian Hongda Refractory Co., Ltd. was established in 2014 in Jialing Town, Qixian County, Shanxi Province. The company integrates R&D, production, sales, and construction. Its main products include furnace linings for ferrous/non-ferrous metal smelting, various castables, ramming materials (AH1 copper furnace dry ramming material, A18 copper alloy dry ramming material), and thermal insulation and anti-seepage refractories. It operates its own raw material production line and a professional construction team. Its products are supplied to the national metallurgical and foundry industry. Adhering to the Jin merchant tradition of integrity, the company develops proprietary processes adapted to high-temperature working conditions and maintains long-term collaborations with enterprises such as Ningbo Jintian Copper, Wuhan Heavy Industry, and North Copper. Contact Information Wen Guojie 152 3546 4459 SMM Co-production Contact Ren Jie 186 5503 3505 renjie@smm.cn

SMM Analysis: According to GAC data, China imported 73,000 mt of copper anode (HS code: 74020000) in June 2026, up 6.34% MoM and 6.63% YoY. Cumulative imports from January to June 2026 totaled 404,900 mt, up 6.87% YoY...