Some smelters in China, Japan and South Korea began the first round of negotiations on long-term contract TCs from July 2023-June 2024 with Antofagasta.
According to foreign media reports, Antofagasta's Centinela Copper Mine Union in Chile said last Monday that it had decided to extend the negotiation period with Antofagasta to avoid a strike. (Centinela copper mine is expected to produce 150,000 mt of copper concentrate with metal content in 2023).
According to SMM survey, copper ore supply will be abundant this year, and the abundance will decrease next year.
There will be a gap in the supply of copper concentrate in the year after. Smelters in Japan and South Korea expected that the long-term contract TCs from July 2023-June 2024 will be at least higher than the benchmark TC of $88/mt.
Some Chinese smelters expected that the TCs are likely to be triple-digit.
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