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 foreign media reports, global copper mining giant Antofagasta has initiated mid-year negotiations with smelters in China and Japan. Sources revealed that due to tight copper concentrate supply, smelters may request a "US$0" treatment charge (TC/RCs) for the second half of 2025. This unprecedented offer represents a 100% plunge from the 2024 benchmark price of US$80 per metric ton (mt) and could potentially turn negative. The sharp decline in copper concentrate TCs stems from the shutdown of First Quantum's Cobre Panama copper mine and a surge in China's smelting capacity, leading to a supply-demand imbalance. On May 16, the spot copper concentrate TC fell to a historic low of negative US$59.1/mt. Analysts believe that if the zero-TC scenario materializes, small and medium-sized smelters will face a survival crisis, while miners' bargaining power will further strengthen.

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.

[SMM Morning Meeting Summary: Macro and Fundamentals Resonance, Copper Prices Rose Overnight] On March 12, #1 copper cathode spot prices against the current-month 2503 contract were quoted at a discount of 10 yuan/mt to a premium of 30 yuan/mt, with an average premium of 10 yuan/mt, up 10 yuan/mt from the previous trading day. Yesterday morning, offers remained firm, but market transactions gradually turned sluggish after copper prices broke upward. The rise in spot premiums was mainly due to...

The SMM Copper Concentrate Index in June rose by $2.91/mt on the month to $90.78/mt. The SMM Imported Copper Concentrate Index (weekly) for the week ending June 30 was $91.53/mt.

SMM understood that Antofagasta and Chinese smelters finalised Cu 50% copper concentrate TC/RCs under long-term contracts for 2024 at $88/mt and $0.088/mt, up $12/mt and $0.012/mt respectively, from those 2022.

As of Wednesday June 21, the SMM Imported Copper Concentrate Index (Weekly) stood at $91.1/mt, $0.55/mt higher than June 16. During the week, SMM understood that there was a deal between a smelter and a trader for 20,000 mt of clean ore with TCs of $92/mt, scheduled for loading in August. Inquiries of smelters for clean ore scheduled for loading in August currently stand at $95/mt, while offers by traders exceeded $88/mt. The price coefficient of Cu 20% domestic ore stood at 88.5-89.5%.

China Smelters Purchase Team (CSPT) has finalised the guidance for copper concentrate treatment and refining charges (TC/RCs) in the second quarter of 2023 at $90/mt and $0.09/lb, respectively, sources said.