Registration of B/L Transactions Returns to Sluggishness, EQ Copper Trading Shows Some Recovery [SMM Yangshan Spot Copper]

Recently, Centinela, a core Antofagasta mine, faced severe labor challenges. On September 28, its Minera Esperanza and Distrito Centinela unions voted 98.73% in favor of a strike over compensation discrepancies, rejecting management's contract offer. As an important associated molybdenum source, Centinela's H1 2026 molybdenum output fell ~17.6% year-on-year to 1,400 tonnes. The strike vote threatens further supply stability. While production continues pending mediation results, the potential impact on operations and long-term project progress requires close monitoring.

Ferro-Alloy Resources reported that ferromolybdenum produced at its Balasausqandiq plant contained 14.6 tonnes of molybdenum in H1 2026, down 47.5% from 27.8 tonnes a year earlier. The figure represents contained molybdenum, not the gross weight of ferromolybdenum; the company did not disclose the alloy grade or total product tonnage. Raw-material throughput fell 35% because suitable, economically processable purchased concentrates were unavailable, while revenue declined 28% to $1.8 million. Feedstock constraints reduced output, although the plant’s absolute tonnage remains small.

[SMM Analysis: Low-Carbon of Primary Copper Begin Trading Separately—Will Recycled Copper’s Green Value Be Reassessed?] BHP and Amazon’s EAC pilot separates verified emissions reductions from physical copper trade, giving low-emissions primary copper a new source of environmental value. Recycled copper retains a major energy advantage, but future competitiveness may depend more on traceability, recycled content and verified carbon data, potentially adding an environmental dimension to pricing.