The mid-year negotiation results are finalised, and the expansion project of Phase III of Yulong Mine is launched [SMM Weekly Review of Spot Copper Concentrates]

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On June 27, the SMM Imported Copper Concentrate Index (weekly) was reported at -$44.81/dmt, a decrease of $0.03/dmt from the previous -$44.78/dmt. The pricing coefficient for 20% grade domestic trade ore ranges from 94% to 96%.

According to SMM, in the morning of June 27, the negotiation results for TC/RC between Antofagasta and Chinese smelters for the mid-2025 period were finalised at $0.0/dmt and ¢0.0/lb.

Copper concentrate mine tender activities were relatively active during the week. In early June, Codelco's Potrerillos smelter, with a smelting capacity of 100,000 mt, had to resell 50,000 mt of Rajo Inca copper ore due to a chimney accident, with shipment periods from June to September, 10,000 mt per month, and a selling price at a high of -$30. KGHM's 10,000 mt Sierra Gorda tender had a shipment period from September to October, with a tender result of -$90. A 20,000 mt tender for Carmen copper concentrates had a shipment period of August/September, with a tender deadline of June 30. A 10,000 mt tender for Constancia copper concentrates had a shipment period of September/October, with a tender deadline of June 27. A 10,000 mt tender for Bisha copper concentrates (with a copper grade of 13%-15%) had a tender deadline of June 26. A smelter purchased 10,000 mt of clean ore at a mid-range price of nearly -$40, with QP as M+1/4. The tender results for 10,000 mt of Philex copper concentrates from the Philippines were announced, with a price of -$120 and a shipment period in Q3. A smelter purchased 10,000 mt of Cerro Verde copper concentrates with a September shipment period at a mid-range price of nearly -$40, with QP as M+1/4.

The copper concentrate blending project of China Copper (Tangshan) Mineral Products Co., Ltd. (hereinafter referred to as China Copper Tangshan) was successfully put into operation at 20:30 on June 25, starting the first batch of copper concentrate blending production, marking the full smoothness of the bonded ore blending business process.

The expansion project of the Phase III mine of Western Mining Co., Ltd. will increase the production scale from 19.89 million mt/year to 30 million mt/year. The estimated total investment for the project is 4.793 billion yuan, all funded by the enterprise. After the completion of the Phase III project, the raw ore processing capacity of the Yulong copper mine will reach 30 million mt/year, with a mine service life of 23 years.

Glencore announced that its Mount Isa copper smelter could not sustain operations due to "unprecedented smelting market conditions," high energy, natural gas, and labor costs, as well as a shortage of raw materials, and is awaiting financial assistance from the Australian federal government and the Queensland government.

On June 27, the SMM copper concentrate inventory at nine ports was 623,500 mt, a decrease of 88,600 mt from the previous period, with the main reduction coming from Qinzhou Port. This week, the copper concentrate inventory at Qinzhou Port decreased by 40,000 mt MoM.

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