Copper Concentrate Benchmark TC/RC Set at $65/mt and ￠6.5/lb Respectively in 2022

China imported 2,187,588.51 mt of copper ore and concentrate in November, a surge of 22.3% from the previous month and a year-on-year growth of 18.8%, according to customs statistics.

According to data from China Customs, China imported 2.188 million mt of copper ore and concentrates in November 2021, the highest level since December 2007, and a significant month on month increase of 21.76%.

Foreign media reported on November 28 that Indonesia is considering implementing a copper concentrate export ban from 2023. But market participants expect this to have limited impact on China, the world's top copper concentrate importer.

The CSPT held a general manager office conference in Shanghai this morning, at which the spot TC/RC guidance price was finalised at $70/mt and￠7.0/lb in Q4. Spot TC has fallen to $30/mt at the end of March, the lowest level in ten years. Many smelters suggested that they could not accept prices below $30/mt. In doing so, the CSPT did not determine the rock-bottom price for Q2, the price in Q3 rose slightly from Q1 and increased sharply in Q4, indicating that the tight supply of copper concentrate was eased.

The CSPT held a general manager office conference in Shanghai this morning, at which the spot TC/RC guidance price was finalised at $70/mt and￠7.0/lb in Q4.

SMM RCs for domestic blister copper stood at 1,800-2,000 yuan/mt in May, up 100 yuan/mt month on month. RCs for imported blister copper were $185-205/mt on a cif basis, up $15/mt on the month.

The China Smelters Purchase Team (CSPT) held a first-quarter general manager's office meeting in Shanghai Pudong this morning.

The China Smelters Purchase Team (CSPT) set the floor prices of imported copper concentrate treatment  and refining charges (TC/RC) at $53/mt and 5.3 cent/lb respectively for the first quarter of 2021, down $5/mt and 0.5 cent/lb from the fourth quarter of 2020.

It is reported that a senior executive of China Minmetals Corporation on Tuesday called for the establishment of a joint organization of Chinese zinc smelters to negotiate with miners on zinc concentrate supply and pricing in the light of the existing joint negotiation group on copper raw materials in China. "We want to build a healthier market," he said. “The aim of this proposal is for Chinese zinc smelters to agree on a TC benchmark price for zinc concentrates in the future. We need more support from smelters now. "

Read-through of SMM Monthly PMI