》View SMM Metal Prices, Data, and Market Analysis
》Subscribe to View Historical SMM Metal Spot Price Trends
On March 21, the SMM Imported Copper Concentrate Index (weekly) was reported at -22.88 $/dmt, a decrease of 6.96 $/dmt from the previous week's -15.92 $/dmt. The pricing coefficient for 20% grade domestic trade ore was 93%-95%.
During the week, the spot market saw active trading, mainly through mine tenders. A 20,000 mt Frontier tender result was announced, with two of the largest traders winning the bid at a mid-price of -60 $/dmt, for 5,000-10,000 mt bulk carriers; one trader sold 1,000 mt of Peruvian mixed ore, low in copper but high in lead and zinc, to a smelter at a high price of -10 $/dmt, with a loading period in April and QP at M+4; the Bisha 10,000 mt tender result was announced, with loading periods in April and May, at a high price of -40 $/dmt; the Lao mine tender results were announced, with one trader winning 20,000 mt for May and June at a low TC of -50 $/dmt, another trader winning 10,000 mt at a mid-TC of -60 $/dmt, with loading periods in November and December, and an additional 100,000 mt for 2026; KGHM's Sierra Gorda tendered 10,000 mt for June loading, QP at M+2, 10,000 mt for Q3 loading, QP at M+4, and 40,000 mt for 2026 loading, QP at M+4, with the tender closing on March 20; one trader sold 10,000 mt of clean ore to a major smelter at -20 $/dmt, with loading periods in April and June, QP at M+5; Freeport's Mission mine 20,000 mt tender result to a trader was announced at a mid-price of -40 $/dmt, with Q2 loading, QP at M+4; SPCC's Cuajone 10,000 mt tender result was announced at a mid-price of -50 $/dmt, with loading periods in April and May, QP at M+4. A large miner's tender results were announced, with 10,000 mt of standard clean ore to a trader at a low to mid-price of -50 $/dmt, and multiple sales of standard clean ore to smelters at a mid-price of -20 $/dmt, all with QP at M+3.
According to SMM, a mining accident occurred at East Zhezkazgan mine in Kazakhstan's Ulytau region, owned by Kazakhmys, where a 1994-born miner fell into the bottom of shaft 57 while unloading and died on the spot. The company stated that production at East Zhezkazgan would only resume after comprehensive safety measures were strengthened and all safety hazards were eliminated. East Zhezkazgan produces around 600 mt (metal content) of copper per day. SMM also learned that Indian smelter Adani is currently in the furnace baking stage and is expected to start feeding material in the last week of March. The Indonesian government announced on Monday that it had issued a six-month copper concentrate export license to Freeport Indonesia, which stated that it had obtained a 1.27 million mt export license from the Indonesian Ministry of Trade, allowing ships carrying Freeport's copper concentrates to commence shipping. On March 13, the Panamanian president approved the export of 120,000 mt of Cobre Panama copper concentrate. Some market sources indicated that 120,000 mt of copper concentrate would be shipped to the Onsan smelter in South Korea and three Japanese smelters, without entering the Chinese market.
On March 21, the SMM nine-port copper concentrate inventory was 643,500 mt, an increase of 68,300 mt from the previous week, with the main increase coming from the Port of Jinzhou, where the weekly copper concentrate inventory increased by 57,000 mt.
》View SMM Metal Industry Chain Database
