[SMM Copper Flash] Sulfur Inventories Diverge Among DRC Copper Enterprises, Some Inventories Are Critically Low

DRC copper cathode is primarily traded under the FCA trade mode, with export ports including Durban, Dar es Salaam, Walvis Bay, and Beira Port. The share of the east route Dar es Salaam Port has continued to rise, making it a core channel for going global.

According to SMM's on-site survey, SX-EW copper cathode accounted for approximately 70% of the combined copper production of Zambia and DRC. The sulphuric acid required for production was mainly self-supplied through captive sulphur-to-acid plants, supplemented by externally purchased by-product sulphuric acid from pyrometallurgy copper smelting enterprises. Sulphur procurement adopted a combination model of long-term contracts and spot cargo, primarily through quarterly tenders, with sources highly concentrated in the Middle East.