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On March 28, the SMM Imported Copper Concentrate Index (weekly) reported -$24.14/dmt, a decrease of $1.26/dmt from the previous period's -$22.88/dmt. The pricing coefficient for domestic trade ore with a 20% grade was 93%-95%.
Recently, procurement activities have been dominated by large smelters, while the purchase willingness of small and medium-sized smelters has significantly decreased. During the week, some traders offered mixed ore in 7-8 thousand mt containers with a loading period in May, quoted at a high TC of -$20. Some traders offered clean ore of 10,000 mt, quoted at a mid TC of -$30, with a loading period in May. Some traders sold 10,000 mt of mixed ore + high gold ore to smelters at a high TC of -$20, with a QP of M+1 and a loading period in May/June. A large smelter sold 20,000 mt of clean ore to smelters at a mid TC of -$20, with a loading period in May/June and a QP of M+1. Additionally, the tender results for Serro Gorda to traders were released, with 10,000 mt for a loading period in May and a QP of M+2, winning bid price at a low TC of -$50, and 10,000 mt for a loading period in H2 and a QP of M+4, winning bid price at a low TC of -$50. According to SMM, with the change in the futures market structure, the QP for traders' transactions has now contracted from M+5 to M+1.
Glencore suspended copper production at its Altonorte smelter in Chile due to issues with the smelting furnace, invoking the force majeure clause in commercial contracts. The force majeure clause allows suppliers to halt shipments due to uncontrollable circumstances. However, according to SMM, Glencore's Altonorte smelter in Chile required new furnace bricks after the last major power outage in Chile, with maintenance lasting about one month, and the smelting process has been halted for at least two weeks so far. Recently, there were rumors of a shutdown at SPCC's Ilo smelter in Peru, but according to SMM, the Ilo smelter resumed production on the morning of March 26, with a total shutdown of one day, likely due to issues with the smelting furnace. Additionally, Adani is expected to start feeding material for the smelting process next week.
On March 28, SMM's nine-port copper concentrate inventory was 792,500 mt, an increase of 149,000 mt from the previous period, with the main increment coming from Fangchenggang, where copper concentrate inventory increased by 70,000 mt WoW.
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