Talks over copper cathode long-term contracts in China’s domestic market have begun

Published: Dec 26, 2025 19:22

Source: SMM

Save

Compared with the end of 2024, during this year’s CESCO week, Chinese smelters accelerated the pricing rhythm for 2026 domestic copper cathode long-term contracts. It is reported that first-round offers for major copper cathode brands circulating in East China are mostly above RMB 180/mt. This article provides a brief summary of current long-term contract quotations across different regions.

According to SMM, on the evening of December 19, 2025, Antofagasta and smelters under the China CSPT group finalized the 2026 copper concentrate long-term contract TC/RC at USD 0/mt and 0 cents/lb, marking a historical low. By comparison, the 2025 copper concentrate benchmark TC/RC was set at USD 21.25/mt and 2.125 cents/lb.

Compared with the end of 2024, during this year’s CESCO week, Chinese smelters accelerated the pricing rhythm for 2026 domestic copper cathode long-term contracts. It is reported that first-round offers for major copper cathode brands circulating in East China are mostly above RMB 180/mt. This article provides a brief summary of current long-term contract quotations across different regions.

Overall, spot premiums in 2025 have improved notably compared with 2024. However, in East China, uneven brand liquidity, wide inter-brand price spreads, and the scarcity of imported COMEX-registered brands have resulted in a highly fragmented fixed-price long-term contract market. Coupled with copper prices repeatedly hitting record highs, most downstream consumers remain pessimistic about signing 2026 copper cathode long-term contracts. Although expectations have risen from late-2024 levels and there is some anticipation of potential supply tightness in 2026, high copper prices and elevated premiums continue to deter downstream buyers, and the proportion of fixed-price long-term contracts is expected to decline further.

Based on SMM’s active market discussions this week, first-round fixed long-term contract offers in Eastern China are mainly quoted at RMB 200–260/mt on exw Shanghai warehouse basis, while ex-work plant prices from large smelters in East and Central China are quoted at RMB 180–200/mt. Adjustments may be made depending on delivery terms, pricing mechanisms, transportation distance, and contracted volumes.

In South China, exw warehouse prices are quoted at around RMB 260/mt, compared with approximately RMB 120/mt in 2025.
In Southwest China, first-round ddp offers are around RMB 160/mt, versus RMB 110/mt in 2025.
In northern regions, quotations vary significantly. Offers in North China have yet to commence, while Henan and Shandong are heard at around RMB 60–70/mt, and Northwest China at approximately RMB 140–160/mt on ex-work basis

Note: 2025 average prices are calculated up to December 26, 2025.

Following the completion of the first-round quotations, producers are expected to actively negotiate with downstream buyers. SMM will continue to monitor market developments closely.

Copper

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

17 hours ago

"Premier Li Qiang Leads State Council Meeting on Enhancing Effective Investment, Boosting Economic Growth"

Premier Li Qiang presided over an executive meeting of the State Council to study policy measures for promoting effective investment. The meeting noted that promoting effective investment plays an important role in stabilizing economic growth and strengthening momentum for development. It is necessary to innovate and improve policy measures, and intensify efforts to enhance the efficiency of utilizing funds such as central budget investments, ultra-long-term special treasury bonds, local government special bonds, and new-type policy-based financial instruments. In conjunction with formulating and implementing the 15th Five-Year Plan

17 hours ago

"Guided by Xi Jinping Thought, Implement 20th CPC Congress Spirit, Apply New Development Philosophy...

Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we will thoroughly implement the spirit of the 20th National Congress of the Communist Party of China and the plenary sessions of the Party’s 20th Central Committee, fully and faithfully apply the new development philosophy, strengthen top-level design, build computing power interconnection nodes oriented toward national hub periods, major strategic regions, and key industries, establish a system of computing power interconnection nodes, improve the efficiency and service level of public computing power resources, and promote high-quality development of computing power.

17 hours ago

Indirect Iran-US Nuclear Talks in Muscat Show Progress, Omani FM Mediates Tense but Efficient Discussions

After intensive indirect consultations, the new round of nuclear talks between Iran and the US in Muscat, the capital of Oman, has achieved phased progress. It is reported that during this round of talks, the Iranian and US delegations did not meet directly. Instead, Omani Foreign Minister Badr acted as an intermediary, conveying a series of core proposals, strategic concerns, and policy positions to the other side. The atmosphere at the talks was tense yet efficient. According to preliminary on-site assessments, although both sides continue to negotiate over specific terms, they have reached a consensus on the key objective of "continuing dialogue."

17 hours ago