Re-Exports and Transshipments Share the Market Equally, Yet Premium Gap Remains Wide [SMM Yangshan Spot Copper]

        October 10, 2025: Today, warrant prices were $45-53/mt, QP October, with the average price flat from the previous trading day; B/L prices were $45-61/mt, QP November, with the average price flat from the previous trading day; EQ copper (CIF B/L) was $17-25/mt, QP November, with the average price down $5/mt from the previous trading day. Quotations referred to cargoes arriving in mid-to-late October.

        Intraday market transactions still focused on transshipment cargoes. Specifically, smelter exports and U.S.-bound B/Ls were equally active, while overall premiums remained significantly divergent. Some warrants were heard closed at $48-55, QP October; B/Ls for two brands arriving in late October and Japanese B/Ls arriving in late October traded at $80/mt, while South Korean B/Ls traded up to $150/mt, with QPs spanning October-November. EQ B/L offers for late September to late October were reported at $20-30, with a small volume traded at $17-25/mt, QP October-November.