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Reuters
20 hours ago
- Business
- Reuters
Copper smelters are facing both market and pricing crises
LONDON, June 20 (Reuters) - Copper smelters are now so desperate to find raw material they are paying miners for converting their concentrates into refined metal. So-called treatment and refining charges (TCRC) should be a core revenue stream for copper smelters but spot charges have been negative since the start of the year and the mid-year negotiations have also kicked off with a negative number. Low treatment charges feed copper's perennial bull narrative of too little mine supply but the current implosion in processing fees is as much about too much demand from too many new smelters. The imbalance looks unsustainable, particularly if smelters accept a negative charge for the mid-year talks, which set the price for much higher volumes than the spot market. But equally unsustainable is the copper industry's preference for pricing concentrates on an annual or semi-annual basis. The good news for smelters is that spot treatment charges appear to have stopped falling. The bad news is that they have done no more than stabilise at $-45 per ton (TC) and -4.5 cents per lb (RC) level, according to Benchmark Mineral Intelligence. Smelters which chose to lock in tonnages over the full year are partly insulated but this year's benchmark terms of $21.5 per ton were also the lowest in at least 20 years. The mid-year negotiations look likely to generate a still lower outcome, although smelters will understandably balk at locking in a negative TCRC for contracts that could run into 2026. Smelters have a couple of financial life-lines in the form of valuable by-products such as gold and silver. They also produce sulphuric acid, which has been rising sharply in price in China thanks to demand from the phosphate fertilizer industry. But a copper smelter's main source of income should really be copper, which is clearly not the case right now. It's not as if mines haven't been increasing production. Global output rose by 2.1% in 2023, 2.8% in 2024 and by another 1.2% in the first quarter of this year, according to the International Copper Study Group. China's imports of copper concentrates have been running strong, hitting a new annual high of 28.2 million tons bulk weight last year and up 7.5% year-on-year in the first four months of 2025. It's just that too much Chinese smelting capacity has been brought on line too quickly with newcomers chasing down available tonnage. Scrap is an alternative feed for some but this is an increasingly competitive market and Chinese imports of copper recyclable material are no more than flat so far this year relative to 2024. The rapid scale-up of Chinese processing capacity is clear to see in the country's production of refined metal. May output jumped by almost 14% year-on-year, according to the National Bureau of Statistics. Local data provider Shanghai Metal Market estimates production so far this year has grown by 11% over 2024 levels. A couple of Western smelters have already closed under the margin squeeze. Glencore (GLEN.L), opens new tab placed its Pasar smelter in the Philippines on care and maintenance in February. Sinomine did the same with its Tsumeb plant in Namibia earlier this month. But Chinese operators are doubling down in what appears to be a last-man-standing strategy. The world's mines are not going to be able to lift collective output by the same margin as China has increased smelting capacity. And the stresses in the raw materials supply chain are only going to get worse as new smelters fire up in Indonesia, ending the country's role as a key concentrates supplier to Asian smelters. Something will have to give, particularly since Chinese copper demand is expected to cool due to a scaling-back of subsidies for the over-heated solar panel sector. But with Chinese smelters not blinking, it could take some time before the current supply-demand imbalance is corrected through more capacity closures. That means more stress also on the industry's price discovery process, which is still rooted in annual deals. There has been some movement towards quarterly pricing and even spot pricing but largely in China. This, as smelters are finding out, is a big problem if the annual price is a negative number. A negative mid-year deal sets an ominous precedent. Markets such as iron ore have moved away from annual benchmarks which couldn't capture spot price volatility or sudden shifts in supply dynamics. Even lithium, widely perceived as too bespoke a commodity for standardised futures trading, can now be hedged on a liquid CME contract. It may be time for copper smelters to have a fundamental rethink about how they price their role in the processing chain. Because right now they're quite literally giving money away to the miners. The opinions expressed here are those of the author, a columnist for Reuters
Yahoo
10-06-2025
- Business
- Yahoo
Trump's second term is creating ‘a limbo moment' for US battery recyclers
In a recycling facility in Covington, Georgia, workers grind up dead batteries into a fine, dark powder. In the past, the factory shipped that powder, known in the battery recycling industry as black mass, overseas to refineries that extracted valuable metals like cobalt and nickel. But now it keeps the black mass on site and processes it to produce lithium carbonate, a critical ingredient for making new batteries to power electric vehicles and store energy on the grid. From Nevada to Arkansas, companies are racing to dig more lithium out of the ground to meet the clean energy sector's surging appetite. But this battery recycling facility, owned by Massachusetts-based Ascend Elements, is the first new lithium carbonate producer in the nation in years — and the only source of recycled lithium carbonate in North America. The company is finalizing upgrades to its Covington facility that will allow it to produce up to 3,000 metric tons of lithium carbonate per year beginning later this month. Right now, the only other domestic source of lithium carbonate is a small mine in Silver Peak, Nevada. Since January, President Donald Trump has taken a sledgehammer to the Biden administration's efforts to grow America's clean energy industry. The Trump administration has frozen grants and loans, hollowed out key agencies, and used executive action to stall renewable energy projects and reverse climate policies — often in legally dubious ways. At the same time, citing economic and national security reasons, Trump has sought to advance efforts to produce more critical minerals like lithium in the United States. That is exactly what the emerging lithium-ion battery recycling industry seeks to do, which is why some industry insiders are optimistic about their future under Trump. Nevertheless, U.S. battery recyclers face uncertainty due to fast-changing tariff policies, the prospect that Biden-era tax credits could be repealed by Congress as it seeks to slash federal spending, and signs that the clean energy manufacturing boom is fading. Battery recyclers are in 'a limbo moment,' said Beatrice Browning, a recycling expert at Benchmark Mineral Intelligence, which conducts market research for companies in the lithium-ion battery supply chain. They're 'waiting to see what the next steps are.' To transition off fossil fuels, the world needs a lot more big batteries that can power EVs and store renewable energy for use when the wind isn't blowing or the sun isn't shining. That need is already causing demand for the metals inside batteries to surge. Recycling end-of-life batteries — from electric cars, e-bikes, cell phones, and more — can provide metals to help meet this demand while reducing the need for destructive mining. It's already happening on a large scale in China, where most of the world's lithium-ion battery manufacturing takes place and where recyclers benefit from supportive government policies and a steady stream of manufacturing scrap. When the Biden administration attempted to onshore clean energy manufacturing, U.S. battery recyclers announced major expansion plans, propelled by government financing and other incentives. Under former president Joe Biden, the U.S. Department of Energy, or DOE, launched research and development initiatives to support battery recycling and awarded hundreds of millions of dollars in funding to firms seeking to expand operations. The DOE's Loan Program's Office also offered to lend nearly $2.5 billion to two battery recycling companies. The industry also benefited from tax credits established or enhanced by the 2022 Inflation Reduction Act, the centerpiece of Biden's climate agenda. In particular, the 45X advanced manufacturing production credit subsidizes domestic production of critical minerals, including those produced from recycled materials. For battery recyclers, the incentive 'has a direct bottom-line impact,' according to Roger Lin, VP of government affairs at Ascend Elements. The DOE didn't respond to Grist's request for comment on the status of Biden-era grants and loans for battery recycling. But recyclers report that at least some federal support is continuing under Trump. In 2022, Ascend Elements was awarded a $316 million DOE grant to help it construct a second battery recycling plant in Hopkinsville, Kentucky. That grant, which will go toward building capacity to make battery cathode precursor materials from recycled metals, 'is still active and still being executed on,' Lin told Grist, with minimal impact from the change in administration. Ascend Elements expects the plant to come online in late 2026. American Battery Technology Company, a Reno, Nevada-based battery materials firm, told a similar story. In December, the company finalized a $144 million DOE contract to support the construction of its second battery recycling facility, which will extract and refine battery-grade metals from manufacturing scrap and end-of-life batteries. That grant remains active with 'no changes' since Trump's inauguration, CEO Ryan Melsert told Grist. Yet another battery recycler, Cirba Solutions, recently learned that a $200 million DOE grant to help it construct a new battery recycling plant in Columbia, South Carolina, is moving forward. At full capacity, this facility is expected to produce enough battery-grade metals to supply half a million EVs a year. Cirba Solutions is also still spending funds from two earlier DOE grants, including a $75 million grant to expand a battery processing plant in Lancaster, Ohio. 'I think that we aligned very much to the priorities of the administration,' Danielle Spalding, VP of communications and public affairs at Cirba Solutions, told Grist. Those priorities include establishing the U.S. as 'the leading producer and processor of non-fuel minerals,' and taking steps to 'facilitate domestic mineral production to the maximum possible extent,' according to executive orders signed by Trump in January and March. Because critical minerals are used in many high-tech devices, including military weapons, the Trump administration appears to believe America's national security depends on controlling their supply chains. As battery recyclers were quick to note following Trump's inauguration, their industry can help. 'Critical minerals are central to creating a resilient energy economy in the U.S., and resource recovery and recycling companies will continue to play an important role in providing another domestic source of these materials,' Ajay Kochhar, CEO of the battery recycling firm Li-Cycle, wrote in a blog post reacting to one of Trump's executive orders on energy. Li-Cycle, which closed a $475 million loan with the DOE's Loan Programs Office in November but is now facing possible bankruptcy, didn't respond to Grist's request for comment. While Biden's approach to onshoring critical mineral production was rooted in various financial incentives, Trump has pursued the same goal using tariffs — and by attempting to fast-track new mines. Although economists have criticized Trump's indiscriminate and unpredictable application of tariffs, some battery recyclers are cautiously optimistic they will benefit from increased trade restrictions. In particular, recyclers see the escalating trade war with China — including recent limits on exports of various critical minerals to the U.S. — as further evidence that new domestic sources of these resources are needed. (China is the world's leading producer of most key battery metals.) 'There is a chance that limiting the amount that is being imported from China … could really strengthen' mineral production in other regions, including the U.S., Browning said. Trade restrictions between the U.S. and key partners outside of China could be more harmful. Today, Browning says, U.S. recyclers often sell the black mass they produce to refiners in South Korea, which don't produce enough domestically to meet their processing capacity and are paying a premium to secure material from abroad. Trump imposed 25 percent tariffs on Korean imports in April, before placing them on a 90-day pause. If South Korea were to implement retaliatory tariffs in response, it could cut off a key revenue stream for the U.S. industry. However, recycling companies Grist spoke noted that there are currently no export bans or tariffs affecting their black mass, and emphasized their plans to build up local refining capacity. 'The short answer is that we see the tariffs as an opportunity to focus on domestic manufacturing,' Spalding of Cirba Solutions said. While battery recyclers seem to align with Trump on critical minerals policy, and to some extent on trade, their interests diverge when it comes to energy policy. Without a clean energy manufacturing boom in the U.S., there would be far less need for battery recycling. Today, nearly 40 percent of the material available to battery recyclers in the U.S. is production scrap from battery gigafactories, according to data from Benchmark. Another 15 percent consists of used EV batteries that have reached the end of their lives or been recalled, while grid storage and micromobility batteries (such as e-bike batteries) account for 14 percent. The remaining third of the material available for processing is portable batteries, like those in consumer electronics. In the future, as more EVs reach the end of their lives, an even greater fraction of battery scrap will come from the clean energy sector. If a large number of planned battery and EV manufacturing facilities are canceled in the coming years — due to a repeal of Inflation Reduction Act tax incentives, a loss of federal funding, rising project costs, or perhaps all three — the recycling industry may have to scale back its ambitions, too. The budget bill that passed the House in May would undo a number of key Inflation Reduction Act provisions. Some clean energy tax credits, like the consumer EV tax credit, would be eliminated at the end of this year. The legislation was kinder to the 45X manufacturing credit, scheduling it to end in 2031 rather than the current phase-out date of 2032. But the bill could face significant changes in the Senate before heading to Trump's desk, possibly by July 4. Despite uncertainty over the fate of IRA tax credits, Trump's actions have already put a damper on U.S. manufacturing: Since January, firms have abandoned or delayed plans for $14 billion worth of U.S. clean energy projects, according to the clean tech advocacy group E2. While the battery recyclers Grist spoke with are putting on a brave face under Trump's second term, some are also looking to hedge their bets. As Ascend Elements ramps up lithium production in Georgia, it has lined up at least one buyer outside the battery supply chain. The battery industry accounts for nearly 90 percent of lithium demand globally, but the metal is also used in various industrial applications, including ceramics and glass making. Integrating into the EV battery supply chain remains 'the ultimate goal,' Lin told Grist. 'But we are looking at other plans to ensure … the economic viability of the operation continues.' This story was originally published by Grist with the headline Trump's second term is creating 'a limbo moment' for US battery recyclers on Jun 10, 2025.
Yahoo
02-06-2025
- Business
- Yahoo
First Atlantic Nickel to Attend Benchmark Mineral Intelligence's GIGA USA 2025 Conference, Highlighting Atlantic Nickel Project's Smelter-Free Processing for North America's Critical Minerals Supply Chain
VANCOUVER, British Columbia, June 02, 2025 (GLOBE NEWSWIRE) -- First Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) ('First Atlantic' or the 'Company') is pleased to announce its participation at the Benchmark Mineral Intelligence GIGA USA 2025 conference, taking place June 3-4, 2025, in Washington, DC. The Company will participate in strategic meetings during this critical mineral conference to demonstrate how its Atlantic Nickel Project addresses the growing need for nickel mining that can be completely processed in North America. The Atlantic Nickel Project contains nickel in the form of awaruite, a naturally occurring, sulfur-free, highly magnetic mineral with approximately 75% nickel content. These unique properties enable direct processing through magnetic separation and flotation, eliminating reliance on foreign overseas smelting or roasting operations. This simplified mineral processing method significantly lowers energy requirements and reduces environmental impacts, strengthening the development of a resilient, domestic critical minerals supply chain. The GIGA USA conference brings together key players from across the critical minerals sector for two days of networking, dealmaking, and policy discussions. Attendees include major automakers such as Tesla, Ford, General Motors, Rivian, Mercedes-Benz, and Volkswagen; battery manufacturers like LG Energy Solutions, Samsung SDI, and Panasonic Energy; and global mining companies including Rio Tinto, Vale, Glencore, South32, and Anglo American. Government representatives from the U.S. Department of Energy, U.S. Department of Commerce, U.S. Department of Defense, U.S. Department of State, the Government of Quebec, the Embassy of Canada, and the Delegation of the European Union will also attend. Conference topics will address the expansion of the United States' lithium-ion battery gigafactory industry and the need to establish secure, sustainable supply chains for critical raw materials, including lithium, nickel, graphite, cobalt, manganese and rare earth elements. The conference addresses key areas of focus including strengthening the U.S. critical minerals supply chain through domestic production and expanded gigafactory capacity, examining policy and trade impacts, such as the Inflation Reduction Act (IRA), and enhancing national security through critical mineral independence. The conference will also focus on investment and financing opportunities for next-generation mining projects, innovations in battery technology and sustainability, and the importance of global collaboration and strategic partnerships. The Company's Atlantic Nickel Project offers a secure and reliable solution for domestic nickel production. By leveraging awaruite's sulfur-free composition, high nickel content and magnetic properties, the project enables simple processing through magnetic separation and flotation without the need for secondary processing such as smelting or roasting. Unlike traditional nickel sulfide and laterite projects that undergo energy-intensive processes creating harmful waste and emissions, awaruite's metallurgical properties enable complete domestic nickel production while eliminating reliance on overseas processing. The lower energy requirements and sulfur-free nature of awaruite result in a reduced carbon and environmental footprint. The Company remains committed to strengthening North American critical minerals supply chains, with the Atlantic Nickel Project positioned to provide a secure, reliable nickel source for North American industries including electric vehicles, batteries, defense, and stainless steel manufacturing. Conference Meeting Requests First Atlantic welcomes the opportunity to meet with strategic partners, shareholders and investors during the GIGA USA 2025 conference. Interested parties are encouraged to contact Rob Guzman at rob@ or by phone at 844-592-6337 to arrange meetings. The conference takes place June 3-4, 2025 in Washington, DC. Phase 2 Drilling Update The Phase 2 drilling program is currently underway and successfully expanding the awaruite mineralization identified in multiple drill holes during the Phase 1 campaign. Technical improvements, including optimized HQ/NQ drill configurations and enhanced drill bit selection, have enabled the current program to reach greater depths than previously achieved. The Company anticipated providing updates on the Phase 2 drill holes in the coming weeks. For further information, questions, or investor inquiries, please contact Rob Guzman at First Atlantic Nickel by phone at +1-844-592-6337 or via email at rob@ Corporate Update The Company also announces that on May 21, 2025 it closed the definitive agreement dated May 6, 2025 (the 'Purchase Agreement') to acquire a 100% interest in eight mineral licenses totaling approximately 3,350 hectares. These licenses are strategically located around the Company's Atlantic Nickel Project in central Newfoundland, in the Cold Spring Pod and Coy Pond areas. Under the terms of the Purchase Agreement, the Company has issued 1,000,000 Shares at a deemed price of $0.205 per Share. These Shares are subject to a statutory hold period of four months and one day, in accordance with applicable Canadian securities laws. And further to its May 6, 2025 news release, it closed the previously announced settlement agreement (the 'Settlement Agreement') on May 22, 2025, to settle outstanding obligations totaling $202,950 owed to an arm's length creditor (the 'Creditor') related to accounting services provided under a consulting agreement dating back to 2017. Pursuant to the Settlement Agreement, the Company has issued an aggregate of 312,500 common shares (each, a 'Share') at a deemed price of $0.32 per Share. These Shares will be released in three equal tranches over a 12-month period and are subject to a statutory hold period of four months and one day, in accordance with applicable Canadian securities laws. Awaruite (Nickel-iron alloy Ni₂Fe, Ni₃Fe) Awaruite, a naturally occurring sulfur-free nickel-iron alloy composed of Ni₃Fe or Ni₂Fe with approximately ~75% nickel content, offers a proven and environmentally safe solution to enhance the resilience and security of North America's domestic critical minerals supply chain. Unlike conventional nickel sources, awaruite can be processed into high-grade concentrates exceeding 60% nickel content through magnetic processing and simple floatation without the need for smelting, roasting, or high-pressure acid leaching1. Beginning in 2025, the US Inflation Reduction Act's (IRA) $7,500 electric vehicle (EV) tax credit mandates that eligible clean vehicles must not contain any critical minerals processed by foreign entities of concern (FEOC)2. These entities include Russia and China, which currently dominate the global nickel smelting industry. Awaruite's smelter-free processing approach could potentially help North American electric vehicle manufacturers meet the IRA's stringent critical mineral requirements and reduce dependence on FEOCs for nickel processing. The U.S. Geological Survey (USGS) highlighted awaruite's potential, stating, "The development of awaruite deposits in other parts of Canada may help alleviate any prolonged shortage of nickel concentrate. Awaruite, a natural iron-nickel alloy, is much easier to concentrate than pentlandite, the principal sulfide of nickel."3 Awaruite's unique properties enable cleaner and safer processing compared to conventional sulfide and laterite nickel sources, which often involve smelting, roasting, or high-pressure acid leaching that can release toxic sulfur dioxide, generate hazardous waste, and lead to acid mine drainage. Awaruite's simpler processing, facilitated by its amenability to magnetic processing and lack of sulfur, eliminates these harmful methods, reducing greenhouse gas emissions and risks associated with toxic chemical release, addressing concerns about the large carbon footprint and toxic emissions linked to nickel refining. Figure 1: Quote from USGS on Awaruite Deposits in Canada The development of awaruite resources is crucial, given China's control in the global nickel market. Chinese companies refine and smelt 68% to 80% of the world's nickel4 and control an estimated 84% of Indonesia's nickel output, the largest worldwide supply5. Awaruite is a cleaner source of nickel that reduces dependence on foreign processing controlled by China, leading to a more secure and reliable supply for North America's stainless steel and electric vehicle industries. Investor Information The Company's common shares trade on the TSX Venture Exchange under the symbol "FAN", the American OTCQB Exchange under the symbol 'FANCF' and on several German exchanges, including Frankfurt and Tradegate, under the symbol "P21". Investors can get updates about First Atlantic by signing up to receive news via email and SMS text at Stay connected and learn more by following us on these social media platforms: FOR MORE INFORMATION:First Atlantic Investor RelationsRobert GuzmanTel: +1 844 592 6337rob@ Disclosure Adrian Smith, a director and the Chief Executive Officer of the Company is a qualified person as defined by NI 43-101. The qualified person is a member in good standing of the Professional Engineers and Geoscientists Newfoundland and Labrador (PEGNL) and is a registered professional geoscientist ( Mr. Smith has reviewed and approved the technical information disclosed herein. About First Atlantic Nickel Corp. First Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) is a Canadian mineral exploration company developing the 100%-owned Atlantic Nickel Project, a large-scale nickel project strategically located near existing infrastructure in Newfoundland, Canada. The Project's nickel occurs as awaruite, a natural nickel-iron alloy containing approximately 75% nickel with no-sulfur and no-sulfides. Awaruite's properties allow for smelter-free magnetic separation and concentration, which could strengthen North America's critical minerals supply chain by reducing foreign dependence on nickel smelting. This aligns with new US Electric Vehicle US IRA requirements, which stipulate that beginning in 2025, an eligible clean vehicle may not contain any critical minerals processed by a FEOC (Foreign Entities Of Concern)6. First Atlantic aims to be a key input of a secure and reliable North American critical minerals supply chain for the stainless steel and electric vehicle industries in the USA and Canada. The company is positioned to meet the growing demand for responsibly sourced nickel that complies with the critical mineral requirements for eligible clean vehicles under the US IRA. With its commitment to responsible practices and experienced team, First Atlantic is poised to contribute significantly to the nickel industry's future, supporting the transition to a cleaner energy landscape. This mission gained importance when the US added nickel to its critical minerals list in 2022, recognizing it as a non-fuel mineral essential to economic and national security with a supply chain vulnerable to disruption. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release may include "forward-looking information" under applicable Canadian securities legislation. Such forward-looking information reflects management's current beliefs and are based on a number of estimates and/or assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to: statements regarding: the timing, scope and results of the Company's Phase 1 and Phase 2 work and drilling programs; future project developments; the Company's objectives, goals, and future plans; statements and estimates of market conditions; the viability of magnetic separation as a low-impact processing method for awaruite; the strategic and economic implications of the Company's projects; and expectations regarding future developments and strategic plans; Readers are cautioned that such forward-looking information are neither promises nor guarantees and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base and other metals, operating risks, accidents, labour issues, delays in obtaining governmental approvals and permits, and other risks in the mining and clean energy industries. Additional factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures, and may not result in the discovery of mineral deposits that can be mined profitably. Furthermore, the Company currently has no mineral reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information, except as required by applicable securities laws. 1
Bloomberg
14-05-2025
- Business
- Bloomberg
Cobalt Market Awaits Congo Plan That May Roil Battery Industry
A forthcoming decision by the Democratic Republic of Congo on cobalt exports could potentially send prices for the metal soaring and lead battery makers to seek alternatives, an industry group said. Cobalt has jumped more than 50% since the African nation responsible for three quarters of global output halted exports on Feb. 22. An extension of the ban or strict quotas could push the price even higher, Benchmark Mineral Intelligence said Wednesday in a report prepared for the Cobalt Institute.
Business Recorder
09-05-2025
- Business
- Business Recorder
China's copper concentrate imports at record high as more smelters prepare to open
SHANGHAI: China's copper concentrate imports reached a record high in April, spurred by an expansion of domestic copper smelting capacity that is due to come online later this year despite overcapacity in the sector. Copper concentrate imports hit 2.9 million metric tons in April, up 25% year-on-year and 22% versus March, according to Chinese customs data published on Friday. China's copper melting capacity is up a quarter since 2021 and is set to rise another 10% or so this year, according to Benchmark Mineral Intelligence (BMI), even as mine closures overseas keep supplies of concentrate, the key raw material, tight. 'The surging imports for concentrate are to meet smelters' capacity expansion plan, as they need to prepare stocks before starting operations in the latter half of this year,' a copper trader said. Copper concentrate imports year-to-date are up 7.3% to 10 million tons. Separately, China's imports of unwrought copper and copper products in April were unchanged year-on-year at 438,000 metric tons, as suppliers rushed shipments to the United States to beat impending tariffs. Analysts generally expect China's robust copper demand to draw in growing amounts of the industrial metal. However, this month, the flow of copper to the US in anticipation of US import tariffs kept China's imports flat year-on-year. Copper rallies to one-month peak on signs of improving demand This shift has fuelled a surge in US COMEX stocks to 156,623 tons as of Wednesday, up 61% since the end of March and reaching their highest since October 2018. The unwrought copper data includes anode, refined, alloy and semi-finished copper products. For the first four months of 2025, unwrought copper imports were down 3.9% at 1.74 million tons, the data showed.
