During a meeting on Monday, China's top smelters decided not to set guidance for copper concentrate treatment and refining charges (TC/RCs) in the second quarter of 2025. Experts from Reuters highlighted that the industry is now in dire need of this raw material.
Since last December, the TC/RC prices in the Asian country have remained in negative territory. Metal supply shortages are expected to persist in the coming months, so there is little hope for any improvement in this indicator. The potential for expanded idle copper smelting capacity in the next quarter hints that the market's inconsistency will endure, the agency said.
A negative TC/RC indicates that Chinese smelters must compensate raw material suppliers for processing concentrate into refined metal. However, according to Reuters, those expected to make a profit, i.e. the smelters, are not currently reaping the benefits.
As of March 28, the average copper concentrate refining charge in the Shanghai market was reported to be -$24.14 per ton.