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Home / Metal News / Lower demand at year end buoys blister copper RCs

Lower demand at year end buoys blister copper RCs

Dec 3, 2018 16:24

Source:SMM

Imported blister copper RCs were mostly offered at $170-190/mt cif as of Monday

SHANGHAI, Dec 3 (SMM) – As of Monday December 3, refining charges (RCs) for both domestic and imported blister copper offered higher than in mid-November. This came after a lower 2019 copper concentrate TC, set by Jiangxi Copper and Antofagasta, lowered RCs in mid-November.

Year-end cash flow issues deterred smelters from purchasing blister copper. This, together with capacity cut at a smelter in Shandong province, lowered overall demand and buoyed RCs.

Imported blister copper RCs were mostly offered at $170-190/mt cif as of Monday, compared with the average $160-170/mt in mid-November. Charges stood at 1,500-1,700 yuan/mt for domestic cargoes delivered to plants. This compared with RCs of 1,400-1,600 yuan/mt in the middle of November.

Monday saw limited transactions, SMM learned.

Market commentary

Blister copper

Refining charges (RCs)

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Jiangxi Copper and Chambishi, a Zambian blister copper producer under China Nonferrous Metal Mining Group, set the benchmark refining charge (RC) for imported copper anode at $145/mt cif, in their 2021 long-term contracts, rising significantly from the $128/mt in 2020, which indicates market expectations of ample blister copper supply in the future.

Jan 13, 2021 16:44

Industry

Benchmark RC for imported copper anode was set at $145/mt cif in 2021 long-term contracts

RCs for blister copper CIF rose further amid value-added tax on gold

Mainstream refining charges (RCs) of domestic blister copper stood at 1,400-1,550 yuan/mt in November, delivery to factory, an average increase of 25 yuan/mt amid positive demand. RCs of imported blister copper stood at $150-165/mt, up $15/mt on average. RCs for blister copper cif rose further as China Customs has levied value-added tax on gold in imported plate-shaped copper anode since October which dampened interest in such products greatly, and blister copper inventories at domestic smelters were abundant.

Dec 3, 2020 10:52

Analysis

RCs for blister copper CIF rose further amid value-added tax on gold

China began to levy value-added tax on gold in imported blister copper from October

Mainstream refining charges (RCs) of domestic blister copper stood between 1,350 -1,550 yuan/mt on a delivery to factory basis in October, with the monthly average RCs down 50 yuan/mt from the previous month.

Nov 4, 2020 17:19

Industry

China began to levy value-added tax on gold in imported blister copper from October

China blister copper deficit to widen 100,000 mt in 2020

350,000 mt of smelting capacity is expected to come online in 2020, while refining capacity will expand by 450,000 mt

Dec 18, 2019 14:58

SMM Insight

China blister copper deficit to widen 100,000 mt in 2020

A higher yuan weighed imported blister copper RCs in November

SMM expects major Chinese copper smelters to agree on 2020 benchmark RCs for seaborne materials at $125-130/mt

Dec 2, 2019 11:23

Industry

A higher yuan weighed imported blister copper RCs in November

Blister copper producer in Shandong suspend at end-Jul

This will intensify a shortage in China’s blister copper market after more smelters in the north underwent annual maintenance

Aug 6, 2019 14:28

Reminder Industry SMM Comments

Blister copper producer in Shandong suspend at end-Jul

Higher demand for blister copper lowers RCs

Tight supply of copper scrap bolstered downstream demand for blister copper

Apr 23, 2019 18:52

SMM Comments Industry

Higher demand for blister copper lowers RCs

Slow trades bolster offers of blister copper RCs

Gains may not extend as sellers expect demand to pick up after Apr maintenance across smelters

Apr 11, 2019 10:31

SMM Comments Industry

Slow trades bolster offers of blister copper RCs

RCs for seaborne blister copper dip from mid-Feb

As of Mar 1, RCs for imported blister copper were mostly offered at $175-185/mt cif

Mar 1, 2019 11:39

SMM Comments

RCs for seaborne blister copper dip from mid-Feb

Blister copper RCs rise as quiet trades continue post-CNY

As of Wednesday Feb 13, RCs for domestic blister copper were mostly offered at 1,500-1,600 yuan/mt

Feb 13, 2019 18:45

SMM Comments

Blister copper RCs rise as quiet trades continue post-CNY

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Lower demand at year end buoys blister copper RCs

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