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Chinese imported copper concentrate trade booms-2018 China(Guangzhou)Int’l Non-Ferrous Metal（Copper）Exhibition
5/4/2018 有色金属展-Copper exhibition -non-ferrous metals expo |
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Platts reported that China’s imported copper concentrate trade boomed last week on greater need for replenishment from smelters. Jiangxi Copper Corp in its weekly copper report said starting from the second quarter, Chinese copper producers was more eager to replenish concentrate stocks, resulting in more active trading last week.
Spot TC/RCs for imported concentrate for Chinese smelters were at USD 70-USD 78/ million tonnes and 7-7.8 cents/lb last week, flat from the preceding week, according to Chinese sources.
But back in January, fees were much higher at USD 75-87/ million tonnes, and 7.5-8.7 cents/lb last week.
Jiangxi Copper said that in Q2, several copper smelting projects in China are expected to come online, spurring concentrate buying, so market players have a bearish view on the outlook for spot TC/RCs.
The producer said market participants were eying the progress of the commissioning of new Chinese smelting projects as well as talks between Escondida mine and its labor union for direction on the future trend for fees.
State Power Investment Corp. said in its weekly copper report the continuous fall in fees showed tight mined copper supply. It said last week spot TC/RCs have fallen below USD 70/ million tonnes and 7 cents/lb as market players foresaw a steady shrinkage of concentrate supply.
China’s stricter environment protection controls have hit mined copper supply and demand in China, with an estimated domestic mined copper capacity of 370,000 to 380,000 mt a year in the remote Central and West China which lack eco-friendly facilities expected to be affected.
China Smelters Purchase Team has set its floor TC/RCs for Q2 at USD 78/million tonnes and 7.8 cents/lb, down USD 9/million tonnes and 0.9 cents/lb from Q1, according to Jiangxi Copper.
Set up in November 2003 to negotiate TC/RCs jointly with overseas copper mines, CSPT set floor fees of USD 95/million tonnes, 9.5 cents/lb for Q4 2017.
TC/RCs, the fees paid to smelters by mines, for converting the concentrate into refined copper, are a key source revenue for smelters. TC/RCs tend to rise and dip according to surplus and shortage in the mined copper market.
China imported 4.68 million tonne of copper ore and concentrate in the first three months of this year, up 7.4% year on year, the latest data from the General Administration of Customs showed.
The country’s mined copper demand in 2018 is expected to rise 7.7% year on year to 6.15 million tonne, data from state-run metals consultancy Beijing Antaike showed.
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