Spot Tenders for Mines Are Very Active; Unexpected Maintenance at Smelters Is Expected to Increase [SMM Copper Concentrate Spot Weekly Review]

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       On March 14, the SMM Imported Copper Concentrate Index (weekly) was reported at -$15.92/mt, down $0.09/mt from the previous issue of -$15.83/mt. The pricing coefficient for 20% grade domestic trade ore was 93%-95%.

       During the week, there were very few spot transactions between mines/traders and smelters, while transactions between mines and traders were quite active. According to SMM, a tender for 10,000 mt of Bisha copper ore with April/May shipment was closed on March 13; a tender for 20,000 mt of Jabal Sayid copper ore from Saudi Arabia resulted in a low bid of -$60; a tender for 20,000 mt of Carmen copper concentrates resulted in a mid-bid of -$50; BHP started a tender for 10,000 mt of Escondida this week, which will close next Monday; Teck Resources tendered Highland Valley Copper; Antamina B and Antamina C tenders were initiated. Two traders each won 20,000 mt of Las Bambas at a mid-to-low bid of -$40, with 10,000 mt for May shipment and 10,000 mt for June-September shipment; a trader won 10,000 mt of Quellaveco copper concentrates tendered by Mitsubishi at a mid-bid of -$50.

       According to market sources, due to the increasing tightness of copper concentrates, spot copper concentrate TCs/RCs continued to decline. Smelters under Tongling Nonferrous Metals Group have implemented production cuts, advanced overhauls with extended durations, and unscheduled maintenance to curb further deterioration in the spot copper concentrate market and firmly safeguard the interests of domestic smelters. Panamanian President Jose Raul Mulino stated that Panama has authorized the export of copper concentrates stockpiled by First Quantum Minerals in Panama, reportedly involving an inventory of approximately 120,000 mt. According to foreign media, Indonesia's Ministry of Energy and Mineral Resources issued Ministerial Regulation No. 6 of 2025, amending Regulation No. 6 of 2024 regarding the completion of domestic metal mineral refining facilities. The new regulation aims to address temporary export needs under force majeure circumstances when refining facilities of special mining license holders cannot operate.

       According to SMM, the Indonesian government has lifted the export ban on Freeport copper concentrates, and the export license has been approved, though it has not yet been signed. Reportedly, some copper concentrate inventories are awaiting shipment. If subsequent shipments of Indonesian copper concentrates proceed smoothly, it may alleviate the tightness in the spot copper concentrate market to some extent and help stabilize spot TCs.

       As of March 14, SMM's nine-port copper concentrate inventory stood at 575,200 mt, down 35,400 mt from the previous issue, with the main reduction coming from Qingdao Port. This week, Qingdao Port's copper concentrate inventory decreased by 20,000 mt WoW.

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