The 2026 SMM (3rd) Global Renewable Metal Industry Chain Summit & Battery Recycling Forum will be held in Tokyo, Japan, from May 11–12, 2026. The summit aims to bring together leading global enterprises, research institutions, industry experts, and policymakers in the fields of renewable metals and battery recycling.

On March 13, 2026, China's copper smelting industry set a new historical record. According to SMM data, the imported copper concentrate index closed at -60.39 USD/dmt, officially breaking through the -60 USD level.

SMM RCs of domestic blister copper were 1,100-1,500 yuan/mt in March, up 200 yuan/mt month-on-month.

[Inventory Buildup Persists Despite RC Reductions, Weak End-Use Demand Hinders Resumption of Production at Copper Cathode Rod Enterprises] The weekly (6.6-6.12) operating rate of major domestic copper cathode rod enterprises declined by 1.66 percentage points MoM to 73.21%, which was 4.32 percentage points lower than expected and 8.47 percentage points higher YoY.

According to SMM, amid the significant surge in precious metals in 2025, the silver recycling market has seen a sharp rise in activity, with instances of inverted silver prices leading to a rush for crude silver in the market.

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.

Yunnan Copper said that its copper concentrate TC/RC under long-term contracts in 2023 are higher than in 2022

SMM reported that the CSPT team held a general manager's office meeting for the first quarter of 2025 in Shanghai on the morning of March 31, and decide not to set a second quarter copper concentrate spot purchase guidance TC/RC.

[SMM Analysis: 2025 Benchmark for Imported Blister Copper Under Long-Term Contract Finalised, Falling Below Triple Digits for the First Time in Recent Years] According to SMM, CNMC International Trading Co. Ltd. and Jiangxi Copper Corporation (JCC) reached an agreement on the 2025 CIF blister copper RC benchmark on the afternoon of December 31, 2024, Beijing time, setting it at $95/mt. This RC is $21/mt lower than this year's $116/mt, marking the first time in recent years that it has fallen below triple digits...

[SMM Analysis: 2025 Benchmark for Imported Blister Copper Long-Term Contract Finalised, Falling Below Triple Digits for the First Time in Recent Years] According to SMM, CNMC International Trading Co. Ltd. and Jiangxi Copper Corporation (JCC) reached an agreement on the 2025 CIF blister copper RC benchmark on the afternoon of December 31, 2024, Beijing time, setting it at $95/mt. This RC is $21/mt lower than this year's $116/mt, marking the first time in recent years that it has fallen below triple digits...