Latest news with #TCRC
Reuters
10 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
Globe and Mail
30-05-2025
- Business
- Globe and Mail
CPKC receives arbitration decision establishing new TCRC collective agreements
CALGARY , AB , May 30, 2025 /CNW/ - Canadian Pacific Kansas City (TSX: CP) (NYSE: CP) (CPKC) today said it has received an arbitrator's ruling establishing new collective bargaining agreements with the Teamsters Canada Rail Conference (TCRC) – Train and Engine (T&E) division and the TCRC - Rail Canada Traffic Controllers (RCTC) division. Arbitrator William Kaplan issued his ruling after the completion of multiple rounds of mediation and ultimately the conclusion of the interest arbitration process. The arbitrator's ruling establishes terms of new four-year contracts with both TCRC bargaining units. TCRC – T&E represents approximately 3,200 locomotive engineers, conductors, train and yard workers across Canada . TCRC – RCTC represents approximately 80 rail traffic controllers in Canada . The new collective agreements with the TCRC divisions, effective from January 1, 2024 , through December 31, 2027 , include annual wage increases of 3%. The provisions outlined in the arbitrator's award do not require ratification. The establishment of these multi-year collective agreements involving train crews and rail traffic controllers come after the ratification earlier this year of three new collective agreements reached at the bargaining table between CPKC and unions representing thousands of mechanical, engineering, clerical and intermodal employees in Canada . Together, these agreements bring labour stability to CPKC operations in Canada , allowing efficient and dependable rail service to continue uninterrupted for years to come. Forward looking information This news release contains certain forward-looking information and forward-looking statements (collectively, "forward-looking information") within the meaning of applicable securities laws in both the U.S. and Canada . Any statements about CPKC's expectations, beliefs, plans, goals, targets, predictions, forecasts, objectives, assumptions, information and statements about possible future events, conditions and results of operations or performance are not historical facts and may be forward-looking. Forward-looking information in this news release includes, but is not limited to, statements in respect of the collective bargaining agreements entered into between CPKC TCRC divisions, and the effects and results stemming therefrom. Forward-looking information is often, but not always, made through the use of words or phrases such as "anticipates", "aims", "strives", "seeks", "believes", "can", "could", "may", "predicts", "potential", "should", "will", "estimates", "plans", "mileposts", "projects", "continuing", "ongoing", "expects", "intends" and similar words or phrases suggesting future outcomes. The forward-looking information that may be in this news release is based on current expectations, estimates, projections and assumptions, having regard to CPKC's experience and its perception of historical trends, and includes, but is not limited to, expectations, estimates, projections and assumptions relating to: applicable laws, regulations and government policies; and CPKC's relationship with TCRC going-forward. Undue reliance should not be placed on forward-looking information as actual results may differ materially from the forward-looking information. Forward-looking information is not a guarantee of future performance. By its nature, CPKC's forward-looking information involves numerous assumptions, inherent risks and uncertainties that could cause actual results to differ materially from the forward-looking information, including but not limited to the following factors: general North American and global economic and business conditions; changes in laws and regulations; and labour disputes. The foregoing list of factors is not exhaustive. These and other factors are detailed from time to time in reports filed by CPKC with the securities regulators in Canada and with the Securities and Exchange Commission (SEC) in the United States . Readers should refer to "Item 1A - Risk Factors" and "Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations - Forward-Looking Information" in CPKC's annual reports on Form 10-K and to our risk factor and forward-looking information disclosure in our Form 10-Q filed on SEDAR+ ( and EDGAR ( Readers are cautioned not to place undue reliance on forward-looking information. Forward looking information is based on current expectations, estimates and projections and it is possible that predictions, forecasts, projections, and other forms of forward-looking information will not be achieved by CPKC. Except as required by law, CPKC undertakes no obligation to update publicly or otherwise revise any forward-looking information, or the foregoing assumptions and risks affecting such forward-looking information, whether as a result of new information, future events or otherwise. About CPKC With its global headquarters in Calgary, Alta. , Canada , CPKC is the first and only single-line transnational railway linking Canada , the United States and México, with unrivaled access to major ports from Vancouver to Atlantic Canada to the Gulf Coast to Lázaro Cárdenas, México. Stretching approximately 20,000 route miles and employing 20,000 railroaders, CPKC provides North American customers unparalleled rail service and network reach to key markets across the continent. CPKC is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise. Visit to learn more about the rail advantages of CPKC. CP-IR
Yahoo
30-05-2025
- Business
- Yahoo
CPKC receives arbitration decision establishing new TCRC collective agreements
CALGARY, AB , May 30, 2025 /CNW/ - Canadian Pacific Kansas City (TSX: CP) (NYSE: CP) (CPKC) today said it has received an arbitrator's ruling establishing new collective bargaining agreements with the Teamsters Canada Rail Conference (TCRC) – Train and Engine (T&E) division and the TCRC - Rail Canada Traffic Controllers (RCTC) division. Arbitrator William Kaplan issued his ruling after the completion of multiple rounds of mediation and ultimately the conclusion of the interest arbitration process. The arbitrator's ruling establishes terms of new four-year contracts with both TCRC bargaining units. TCRC – T&E represents approximately 3,200 locomotive engineers, conductors, train and yard workers across Canada. TCRC – RCTC represents approximately 80 rail traffic controllers in Canada. The new collective agreements with the TCRC divisions, effective from January 1, 2024, through December 31, 2027, include annual wage increases of 3%. The provisions outlined in the arbitrator's award do not require ratification. The establishment of these multi-year collective agreements involving train crews and rail traffic controllers come after the ratification earlier this year of three new collective agreements reached at the bargaining table between CPKC and unions representing thousands of mechanical, engineering, clerical and intermodal employees in Canada. Together, these agreements bring labour stability to CPKC operations in Canada, allowing efficient and dependable rail service to continue uninterrupted for years to come. Forward looking information This news release contains certain forward-looking information and forward-looking statements (collectively, "forward-looking information") within the meaning of applicable securities laws in both the U.S. and Canada. Any statements about CPKC's expectations, beliefs, plans, goals, targets, predictions, forecasts, objectives, assumptions, information and statements about possible future events, conditions and results of operations or performance are not historical facts and may be forward-looking. Forward-looking information in this news release includes, but is not limited to, statements in respect of the collective bargaining agreements entered into between CPKC TCRC divisions, and the effects and results stemming therefrom. Forward-looking information is often, but not always, made through the use of words or phrases such as "anticipates", "aims", "strives", "seeks", "believes", "can", "could", "may", "predicts", "potential", "should", "will", "estimates", "plans", "mileposts", "projects", "continuing", "ongoing", "expects", "intends" and similar words or phrases suggesting future outcomes. The forward-looking information that may be in this news release is based on current expectations, estimates, projections and assumptions, having regard to CPKC's experience and its perception of historical trends, and includes, but is not limited to, expectations, estimates, projections and assumptions relating to: applicable laws, regulations and government policies; and CPKC's relationship with TCRC going-forward. Undue reliance should not be placed on forward-looking information as actual results may differ materially from the forward-looking information. Forward-looking information is not a guarantee of future performance. By its nature, CPKC's forward-looking information involves numerous assumptions, inherent risks and uncertainties that could cause actual results to differ materially from the forward-looking information, including but not limited to the following factors: general North American and global economic and business conditions; changes in laws and regulations; and labour disputes. The foregoing list of factors is not exhaustive. These and other factors are detailed from time to time in reports filed by CPKC with the securities regulators in Canada and with the Securities and Exchange Commission (SEC) in the United States. Readers should refer to "Item 1A - Risk Factors" and "Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations - Forward-Looking Information" in CPKC's annual reports on Form 10-K and to our risk factor and forward-looking information disclosure in our Form 10-Q filed on SEDAR+ ( and EDGAR ( Readers are cautioned not to place undue reliance on forward-looking information. Forward looking information is based on current expectations, estimates and projections and it is possible that predictions, forecasts, projections, and other forms of forward-looking information will not be achieved by CPKC. Except as required by law, CPKC undertakes no obligation to update publicly or otherwise revise any forward-looking information, or the foregoing assumptions and risks affecting such forward-looking information, whether as a result of new information, future events or otherwise. About CPKC With its global headquarters in Calgary, Alta., Canada, CPKC is the first and only single-line transnational railway linking Canada, the United States and México, with unrivaled access to major ports from Vancouver to Atlantic Canada to the Gulf Coast to Lázaro Cárdenas, México. Stretching approximately 20,000 route miles and employing 20,000 railroaders, CPKC provides North American customers unparalleled rail service and network reach to key markets across the continent. CPKC is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise. Visit to learn more about the rail advantages of CPKC. CP-IR View original content to download multimedia: SOURCE CPKC View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
30-05-2025
- Business
- Cision Canada
CPKC receives arbitration decision establishing new TCRC collective agreements
CALGARY, AB , May 30, 2025 /CNW/ - Canadian Pacific Kansas City (TSX: CP) (NYSE: CP) (CPKC) today said it has received an arbitrator's ruling establishing new collective bargaining agreements with the Teamsters Canada Rail Conference (TCRC) – Train and Engine (T&E) division and the TCRC - Rail Canada Traffic Controllers (RCTC) division. Arbitrator William Kaplan issued his ruling after the completion of multiple rounds of mediation and ultimately the conclusion of the interest arbitration process. The arbitrator's ruling establishes terms of new four-year contracts with both TCRC bargaining units. TCRC – T&E represents approximately 3,200 locomotive engineers, conductors, train and yard workers across Canada. TCRC – RCTC represents approximately 80 rail traffic controllers in Canada. The new collective agreements with the TCRC divisions, effective from January 1, 2024, through December 31, 2027, include annual wage increases of 3%. The provisions outlined in the arbitrator's award do not require ratification. The establishment of these multi-year collective agreements involving train crews and rail traffic controllers come after the ratification earlier this year of three new collective agreements reached at the bargaining table between CPKC and unions representing thousands of mechanical, engineering, clerical and intermodal employees in Canada. Together, these agreements bring labour stability to CPKC operations in Canada, allowing efficient and dependable rail service to continue uninterrupted for years to come. Forward looking information This news release contains certain forward-looking information and forward-looking statements (collectively, "forward-looking information") within the meaning of applicable securities laws in both the U.S. and Canada. Any statements about CPKC's expectations, beliefs, plans, goals, targets, predictions, forecasts, objectives, assumptions, information and statements about possible future events, conditions and results of operations or performance are not historical facts and may be forward-looking. Forward-looking information in this news release includes, but is not limited to, statements in respect of the collective bargaining agreements entered into between CPKC TCRC divisions, and the effects and results stemming therefrom. Forward-looking information is often, but not always, made through the use of words or phrases such as "anticipates", "aims", "strives", "seeks", "believes", "can", "could", "may", "predicts", "potential", "should", "will", "estimates", "plans", "mileposts", "projects", "continuing", "ongoing", "expects", "intends" and similar words or phrases suggesting future outcomes. The forward-looking information that may be in this news release is based on current expectations, estimates, projections and assumptions, having regard to CPKC's experience and its perception of historical trends, and includes, but is not limited to, expectations, estimates, projections and assumptions relating to: applicable laws, regulations and government policies; and CPKC's relationship with TCRC going-forward. Undue reliance should not be placed on forward-looking information as actual results may differ materially from the forward-looking information. Forward-looking information is not a guarantee of future performance. By its nature, CPKC's forward-looking information involves numerous assumptions, inherent risks and uncertainties that could cause actual results to differ materially from the forward-looking information, including but not limited to the following factors: general North American and global economic and business conditions; changes in laws and regulations; and labour disputes. The foregoing list of factors is not exhaustive. These and other factors are detailed from time to time in reports filed by CPKC with the securities regulators in Canada and with the Securities and Exchange Commission (SEC) in the United States. Readers should refer to "Item 1A - Risk Factors" and "Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations - Forward-Looking Information" in CPKC's annual reports on Form 10-K and to our risk factor and forward-looking information disclosure in our Form 10-Q filed on SEDAR+ ( and EDGAR ( Readers are cautioned not to place undue reliance on forward-looking information. Forward looking information is based on current expectations, estimates and projections and it is possible that predictions, forecasts, projections, and other forms of forward-looking information will not be achieved by CPKC. Except as required by law, CPKC undertakes no obligation to update publicly or otherwise revise any forward-looking information, or the foregoing assumptions and risks affecting such forward-looking information, whether as a result of new information, future events or otherwise. About CPKC With its global headquarters in Calgary, Alta., Canada, CPKC is the first and only single-line transnational railway linking Canada, the United States and México, with unrivaled access to major ports from Vancouver to Atlantic Canada to the Gulf Coast to Lázaro Cárdenas, México. Stretching approximately 20,000 route miles and employing 20,000 railroaders, CPKC provides North American customers unparalleled rail service and network reach to key markets across the continent. CPKC is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise. Visit to learn more about the rail advantages of CPKC. CP-IR
Press and Journal
25-05-2025
- Politics
- Press and Journal
Trapped by Raac: 5000 reasons to keep fighting for Aberdeen homeowners impacted by concrete crisis
We took our Trapped by Raac campaign onto the streets of Aberdeen this weekend – and the hard work paid off. Thanks to a protest involving members of the Torry Community Raac Campaign (TCRC) group, affected families from Balnagask, and team P&J – we've now crossed the 5,000 signature mark on the homeowners' petition. Attended by owner occupiers and former council tenants alike, some members of the group held banners to protest the situation, reminding the public about the burgeoning concrete crisis. Others spoke to shoppers to garner more names on the petition, sharing stories of the 500 households in Aberdeen impacted by Raac. The group was visited by Conservative MSP Liam Kerr, who spent time listening to stories from families caught in this crisis. Labour councillor Simon Watson – who represents Torry and Ferryhill – also stopped by to talk to his constituents. At the same time as the protest, Fiona and Ricky Burgess, whose story we shared this week, proudly took a Raac campaign banner to Hampden for the Aberdeen Celtic Scottish Cup final. Founding member of TCRC Lynn Winstanley is one of 138 homeowners whose houses are marked for demolition. She stands to lose 10s of 1000s from the value of her home if she sells her property back to ACC. She said: 'We can't sit back and relax though 5000 signatures on the petition is amazing. That's only half the names we need to get a reply from Westminster. 'If you haven't already signed, please do. Put yourself in our shoes. You'd want people to get behind you and to help you. That's all we are asking for.' The petition, which calls for justice, fair house prices for homeowners, and an eventual public enquiry, needs to cross 10,000 signatures before the UK Government will, at the very least, reply. In a previous interview with Aberdeen City Council co-leader Christian Allard, he said without Westminister unlocking financial support, Raac [crisis] could become the next Post Office Scandal. We also revealed that only four properties have been bought back by ACC since the voluntary acquisition process began. A total of 13 owners, from 138 privately owned properties, have agreed to sell following Valuation Office Agency assessments. 'Selling our homes for sometimes half what they were worth before we heard about Raac is not something we can just sit back and let happen. 'It's not fair. We are in this situation through no fault of our own,' Lynn added. 'Please, please keep sharing the petition, ask your friends to sign it. It's Aberdeen now but we are hearing about this all over the country. If we win our battle it could help future families never go through the hell we're going through.' Lindsay Bruce of The Press and Journal also shared a video thanking those who have signed the petition but called for others to join the campaign. To read more about the Raac crisis and our campaign click here.
