New Developments in Indonesian Copper Concentrate Exports; Mine Traders' Tender Prices Drop Sharply [SMM Copper Concentrate Spot Weekly Review]

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       On March 7, the SMM Imported Copper Concentrate Index (weekly) was reported at -$15.83/mt, down $1.43/mt from the previous period's -$14.4/mt. The pricing coefficient for 20% grade domestic trade ore was 93%-95%.

       During the week, the spot market showed a temporary stabilization after a decline. A trader sold 10,000 mt of Cerro Verde copper concentrates at a mid-to-high price of -$10/mt, with shipment scheduled for April and QP set at M+5, with normal gold and silver terms. Another trader sold 10,000 mt of clean ore and 10,000 mt of mixed ore at a mid-price of -$10/mt, with shipment scheduled for March/April and QP set at M+5. A smelter purchased 10,000 mt of South American clean ore at a mid-price of -$10/mt, with QP set at M+4 and shipment scheduled for April. As the LME futures market structure shifted from Contango to Backwardation, traders adjusted the QP for copper concentrates from M+5/M+6 to M+4 to mitigate business risks. During the week, the results of mine tenders were announced. Antofagasta's Centinela mine tendered 10,000 mt, with traders' winning bid price close to -$40/mt, shipment scheduled for April/May, gold Payable at 6-7g at 96%, and quality inspection fees borne by the buyer.

       On March 4, Indonesia's Ministry of Energy and Mineral Resources issued Ministerial Regulation No. 6 of 2025, amending provisions in Regulation No. 6 of 2024 regarding the completion of domestic metal mineral refining facilities. The new regulation aims to address temporary export needs under force majeure circumstances when special mining license holders are unable to operate refining facilities. According to SMM, the Indonesian government has lifted the export ban on Freeport copper concentrates, and the export license has been approved but not yet signed. Reportedly, some copper concentrate inventories are awaiting shipment.

       As of March 7, SMM's nine-port copper concentrate inventory stood at 610,600 mt, down 50,200 mt from the previous period, with the main reduction coming from Jinzhou Port. This week, Jinzhou Port's copper concentrate inventory decreased by 31,000 mt WoW.

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