Copper Prices Stabilize at Highs, Market Trading Remains Mediocre [SMM Secondary Copper Daily Review]

Russia's Sulphuric Acid Producers Face Antitrust Probes; Astrakhan Gas Plant Struck Again, Intensifying Sulphur Supply Crunch Russia's Federal Antimonopoly Service (FAS) announced on August 26 that it has initiated antitrust cases against four sulphuric acid producers for allegedly maintaining monopolistically high prices during 2024-2025. The companies include Mednogorsk Copper and Sulphur Combine, Sredneuralsk Copper Smelter, Svyatogor, and Karabashmed. All hold dominant positions in the wholesale sulphuric acid market and face turnover-based fines if violations are confirmed. On the supply side, Ukraine's General Staff confirmed that two U-272 gas separation units at the Astrakhan Gas Processing Plant were struck on the night of August 24. The facility, operated by Gazprom, accounts for nearly 60% of Russia's sulphur output. According to Rosstat, Russia's sulphur production fell 23% year-on-year in the first half of 2026, driven by unplanned outages at the Astrakhan and Orenburg gas plants. Previous attacks had already shifted Russia from a major exporter to a net importer of sulphur. On June 25, the government signed Decree No. 785 extending the industrial sulphur export ban through December 31, 2026. The latest strike on Astrakhan is set to further tighten global sulphur supply.

According to the latest policy developments, starting from September 1, 2026, China will resume normal export declaration for agricultural phosphate fertilisers. The earlier phased export controls (suspension of declarations) implemented from March 14 to August 31 were intended to prioritise ensuring fertiliser supply for China’s spring ploughing season; the ban is set to expire and be lifted at month-end August. From September 1, monoammonium phosphate (MAP), diammonium phosphate (DAP), and various types of agricultural phosphorus-containing compound fertilisers will resume export customs clearance. As direct exports of Iranian phosphate fertilisers (finished products such as MAP/DAP), which account for about 10% of global fertiliser trade volume, are restricted, international phosphate fertiliser prices are currently significantly higher than those in China. In the Baltic region, MAP quotations converted into yuan are nearly 1,000 yuan higher than China’s EXW price. After exports are reopened, industry leaders with export capabilities are expected to repair performance by taking on export orders, and are expected to achieve a situation of increased export volumes during China’s off-season.