Mitsubishi Materials Corporation said on Wednesday that it had decided to cease the processing of copper concentrates at the Onahama smelter and refinery, as well as the operation of related smelting facilities, by the end of March 2027.In a statement, the company said the outlook for the related business had become increasingly uncertain due to intensifying competition from overseas smelters and a sharp decline in treatment and refining charges (TC/RCs) for copper concentrates.The company said in a statement that it expected to record an impairment loss of 21 billion yen in Q4 of the current fiscal year ending this month, mainly related to the smelter's fixed assets.

On June 12th, Bloomberg reported that Teck Resources and Sumitomo Metal Mining are locked in a dispute over treatment and refining charges (TC/RCs) in a major copper concentrate supply agreement. The disagreement, centered on shipments from Teck’s Quebrada Blanca and Highland Valley mines, has prompted the appointment of lawyers to select an industry expert as an independent referee. The clash highlights cracks in the traditional benchmark pricing system, after Antofagasta’s 2025 deal with Chinese smelters set TC/RCs at $21.25/2.125 cents, far below historical norms. Some Japanese buyers, including Sumitomo, have resisted adopting this benchmark amid sharply falling spot TC/RCs, which have recently turned negative. The situation underscores growing tension between well-funded Chinese smelters and financially pressured Western peers, with some smelters in the Philippines and Namibia already suspending operations.

According to SMM, the inventory of imported lead concentrates held by traders has declined, and there have been no offers for forward delivery orders arriving at ports for several consecutive weeks. Some traders indicated that the actual transaction processing fees (TCs) for imported lead concentrates are expected to remain negative, with silver refining fees having already dropped to zero. Smelters relying on imported ore generally stated that their recent raw material purchases have mainly been based on long-term contracts signed in the past or spot orders for forward delivery arriving at ports...

On Thursday, April 10, Felipe Williams, head of the metals business at India's Adani Enterprises Ltd., stated that the company is ready to commission a smelter within the next four weeks, which will process copper concentrates. Speaking at a conference in Santiago, he said, "In the next four weeks, we will commission the world's largest smelter for copper and other metals." He mentioned that the smelter, named Kutch Copper, will begin smelting in the coming weeks as part of the first phase, and the company has already received environmental approvals to increase its capacity. Williams noted that the smelter began trial operations a month ago, producing its first batch of copper anode. As India strives to meet the demands of its industrial and energy transition, the country's copper demand is expected to grow significantly in the coming years. Williams said, "The smelter faces significant challenges because the current treatment and refining charges (TC/RCs) are unfavorable." "We had hoped to commission in a completely different environment, but we need to face reality; this is a long-term opportunity." For more updates on the copper industry chain, you are welcome to attend the CCIE 2025 SMM (20th) Copper Conference & Expo, hosted by SMM, which will be held in Nanchang, Jiangxi, from April 22-25, 2025. CCIE 2025 SMM (20th) Copper Conference & Expo ~ Over 3,000 industry elites, representatives from upstream and downstream enterprises in the copper industry chain, government officials, industry associations, third-party equipment, logistics and warehousing, and academic experts will gather together. The conference covers mines, smelting, copper processing, trade, recycling, and end-use applications, encompassing the entire copper industry chain. At the event, more than 100 exhibitors will showcase the latest copper processing and smelting equipment, high-quality raw material suppliers, and new-type copper-based materials, highlighting the innovation and vitality of the copper industry. The conference features a variety of exciting activities: the main forum focuses on global copper market trends, raw material supply, policy impacts, and market outlook. Sub-forums delve into specific areas such as electrical power transmission and distribution, secondary copper, copper-based new materials, hardware and plumbing, and ESS, exploring industry hot topics. During the conference, there will also be a two-day field trip to visit 12 representative enterprises in the copper industry with a cumulative capacity of 1 million mt, sharing cutting-edge technologies and valuable experiences to upgrade the copper industry chain and promote high-quality industry development. CCIE 2025 SMM (20th) Copper Conference & Expo Helps you grasp industry trends, expand your network, and seek business opportunities! SMM cordially invites you to join us in Nanchang, Jiangxi, from April 22-25, to gather in the new era of copper and jointly plan for new development!

On Tuesday, April 1, London copper prices rose as optimistic demand prospects outweighed concerns that the US implementation of reciprocal tariffs could trigger a global trade conflict. At 11:06 Beijing time, the three-month copper contract on the London Metal Exchange (LME) increased by 0.57% to $9,765 per mt. The Caixin China Manufacturing Purchasing Managers' Index (PMI) for March, released on April 1, recorded 51.2, up 0.4 percentage points from February, reaching a new high since December 2024, indicating that manufacturing production and business activities continued to expand at a faster pace. A base metal trader said, "Everyone is closely watching the tariff policy that the US will announce tomorrow. The approaching uncertainty has led to a risk-off sentiment." Copper prices were also supported by a supply deficit of copper concentrates, which has driven the treatment and refining charges (TC/RCs) for copper concentrates into negative territory. The decline in TC/RCs indicates that supply is tight. Meanwhile, the tin futures price on the Shanghai Futures Exchange (SHFE) performed well, rising 0.4% to 287,290 yuan per mt, as the market worried that the earthquake in Myanmar, a tin-rich country, last Friday would lead to supply disruptions. Other LME metals: the three-month aluminum contract rose 0.32% to $2,541 per mt; the three-month lead contract increased 0.25% to $2,017 per mt; the three-month zinc contract climbed 0.54% to $2,868 per mt; the three-month tin contract fell 0.34% to $36,520 per mt; and the three-month nickel contract surged 1.39% to $16,140 per mt. Shanghai metals: the most-traded SHFE copper contract dropped 0.24% to 80,130 yuan per mt; SHFE aluminum rose 0.07% to 20,550 yuan per mt; SHFE zinc increased 0.36% to 23,600 yuan per mt; SHFE lead climbed 0.09% to 17,425 yuan per mt; and SHFE nickel fell 0.48% to 129,900 yuan per mt.

(1) US existing home sales in February annualized to 4.26 million units, above the expected 3.95 million and the January figure of 4.08 million. Existing home sales rose 4.2% MoM, beating the forecast of a 3.2% decline and the January decrease of 4.9% MoM. (2) According to Xinhua News Agency, the US President publicly urged the US Fed to cut interest rates, acknowledging that tariffs would impact the US economy and calling for the Fed to "do the right thing." (3) As of Thursday, March 20, SMM copper inventories fell by 2,600 mt to 346,400 mt from Monday, and dropped 9,100 mt from the previous Thursday, marking three consecutive weeks of destocking. Inventories have pulled back 30,600 mt from the peak this year and are 48,600 mt lower YoY. (4) New York copper futures hit a record high. Amid tariff threats, US importers stockpiled copper, pushing the premium of Comex copper futures over LME copper to over $1,200/mt, nearing the record high set in mid-February. (5) On March 20, #1 copper cathode in east China was on parity, down 20 WoW; spot prices in south China were at a premium of 185, up 55 WoW; and spot prices in north China were at a discount of 170, down 40 WoW. (6) LME copper fell 0.88% to $9,910/mt. (7) Under the expectation of tariffs, the price spread between New York and LME copper reached a new high, accelerating the flow of non-US copper cathode into the US. The decline in treatment and refining charges (TC) for copper concentrates widened, with supply remaining tight. There were rumors of unplanned production cuts by smelters, as the peak maintenance period is expected in March-April. Social inventories saw three consecutive weeks of destocking. After copper prices rose, downstream consumption appeared slightly weak, while suppliers stood firm on quotes. (8) Strategy recommendation: After LME copper tested the $10,000 level and pulled back, SHFE copper followed the correction. Short-term defensive positions for longs can be considered based on risk preference, either at the MA5 or MA20. (Source: Zhongzhou Futures)

[SMM Analysis] This week, domestic electrolytic copper inventories continued to decline. According to SMM, the refining charges of smelters in some regions have increased continuously, and the on-site inventories are difficult to meet the downstream demand in the surrounding areas. However, in Shanghai, the spot premium was under pressure as holders actively sold their goods, but the market trading sentiment was not very active. The originally expected scenario of accelerating destocking did not seem to materialize this week. What are the reasons behind this? Here are the specific analyses.

According to an SMM survey, with the technological upgrades and comprehensive recycling capacity expansion at lead smelters, the demand for silver-containing lead concentrate and crude lead has increased.

According to foreign news on October 24, Cochilco released a report on Tuesday stating that mining costs for large copper mines in Chile continue to rise due to declining production and rising service costs.

Satellite monitoring data of metal processing plants released on Friday showed that global copper smelting activity fell to the lowest level in two years in April, as Chinese smelters were closed for maintenance and production at North American factories slowed.