Rock-bottom RCs of blister copper in China

RCs of domestic blister copper in south China stood at 800-900 yuan/mt and averaged 850 yuan/mt in October 2023, a drop of 50 yuan/mt month on month. RCs of blister copper in north China stood at 900-1,100 yuan/mt and averaged 1,000 yuan/mt, down 50 yuan/mt. RCs of imported blister copper were quoted at $105-115/mt cif, and averaged $110/mt, down $5/mt.

If the price difference continues to recover, the supply of domestic copper scrap will increase, thereby growing the output of blister copper produced with copper scrap. This, combined with the recovery in imports, will gradually increase the overall supply of blister copper. The completion of maintenance of various domestic smelters and the commissioning and ramp-up of new and expansion projects will keep the demand for blister copper at high levels. Negotiations for long-term contracts are approaching. In aggregate, the overall blister copper supply will remain tight, but any downside room for RCs will be limited.