SHANGHAI, Aug. 22 (SMM) – China produced 633,500 mt of refined copper in July, up 10,100 mt for a third straight month of growth, NBS data show. YTD output through July totaled 425,000 mt, up 9.8% YoY.

However, SMM’s survey of 23 smelters across China points to a 13,500 mt decline in production to 478,400 mt in July. This decline in output was due to maintenance operations at several of the smelters in SMM’s survey sample. NBS data, on the other hand, appears to have captured a set of smelters – not covered in SMM’s survey sample – ramping up production. Blister to refined copper processing charges rose RMB 400/mt to RMB 1,300-1,600/mt on ample copper concentrate and growing blister copper supplies, enabling smelters using blister copper to increase production. The spread between scrap and refined copper inflated to RMB 2,000/mt, similarly favoring smelters using scrap copper.