Copper Inventory in China Bonded Zone Fell This Week

North American Stainless (NAS), part of Acerinox, said Type 316 cold-rolled products shipped from Oct. 1 would carry a higher base price through a two-point reduction in the functional discount. All active requests for quotation are subject to the adjustment. This is a base-price mechanism change rather than a monthly alloy surcharge.

Industeel, part of ArcelorMittal had recently updated its October stainless alloy surcharges. 316L/316LN fell 0.9% MoM to €3,684/t, 316LMo 0.7% to €4,115/t, 317L 0.7% to €4,758/t and 904L 1.0% to €6,768/t. 2205+ and 2507 were nearly flat at €3,724/t and €4,389/t, while UR 254 eased to €7,147/t. The schedule excludes energy surcharge.

Glencore has announced that its Minera Agua Rica-Alumbrera (MARA) project in Catamarca, Argentina has received approval under the Incentive Regime for Large Investments (RIGI), with expected investment of about US$4 billion and long-term fiscal, customs and foreign-exchange stability including a 25% corporate income tax rate. Agua Rica hosts measured and indicated resources of about 1.2 billion tonnes at 0.47% copper, 0.20 g/t gold, 3.40 g/t silver and 0.03% molybdenum. Ore will be processed at the existing Alumbrera plant 35 km away, with potential to average more than 200,000 tpa of copper in concentrate over the first ten years. The Alumbrera restart is brought forward to H2 2027 with nearly 2,000 workers on site. The government expects construction from November 2027 and production from October 2031; the exploitation-phase EIA was submitted last month and approval is not a final construction decision.