Spot Copper Concentrate TCs Briefly Stabilize at Mid-$40 Level, Imported Copper Concentrates Continue to Accumulate at Qingdao Port [[SMM Weekly Review of Spot Copper Concentrates]]

》Check SMM metal quotes, data, and market analysis

》Subscribe to view historical price trends of SMM metal spot cargo             

       On April 25, the SMM Imported Copper Concentrate Index (weekly) was reported at -$42.61/dmt, a decrease of $0.09/dmt from the previous period's -$42.52/dmt. The pricing coefficient for domestic trade ore with a 20% grade ranged from 93% to 95%.

       During the week, which coincided with the Labor Day holiday on May 1, inquiries, offers, and trading activities in China's spot copper concentrate market remained sluggish. It was heard that traders offered smelters 10,000 mt of HVC copper concentrates previously tendered by Teck Resources, with a shipment period in May and a QP of M+1/5. The offer price was in the mid-$40s per tonne negative, with gold payable at 80% for grades below 1 gram and copper and silver payables unchanged. Another trader offered smelters 10,000 mt of Grasberg copper concentrates with a shipment period in June and a QP of M+1/5. The offer price was in the mid-$40s per tonne negative, with gold payable at 97.5%.

       As of April 30, the SMM copper concentrate inventory at nine ports was 835,600 mt, an increase of 33,600 mt from the previous period. The main increase came from Qingdao Port, where copper concentrate inventory increased by 30,000 mt WoW. Since April, copper concentrate inventory at Qingdao Port in China has continuously accumulated from 100,000 mt to 200,000 mt over half a month. According to SMM, this was due to the lack of enthusiasm for cargo pick-up by some large smelters in Shandong, Henan, and Gansu provinces. These smelters actively purchased domestic trade copper concentrates and received a large number of imported land-transported ores, which slowed down their cargo pick-up of imported seaborne ores. It was reported that Qingdao Port would not charge additional fees to smelters. Smelter A in Shandong had an inventory of over 80,000 mt at Qingdao Port, Smelter B had over 40,000 mt, Smelter C in Henan had 50,000 mt, and Smelter D in Gansu had 30,000 mt.

                                                                                                                 》Check SMM metal industry chain database