The processing and refining fees (TC/RC) for imported copper concentrate in China continued to decline last week as market participants remained cautious before the CESCO Copper Industry Week conference held in Chile from April 13th to 17th, with spot trading being sluggish. On April 10th, the Agence France-Presse weekly index of copper concentrate purchases dropped to -77 USD/ton and -7.70 cents/pound, slightly lower than -76.70 USD/ton and -7.67 cents/pound on April 3rd. The purchasing index for traders dropped to -127 USD/ton and -12.70 cents/pound, compared to -126.70 USD/ton and -12.67 cents/pound the previous week.
The Agence France-Presse weekly average TC/RC dropped to -102 USD/ton and -10.20 cents/pound, lower than -101.70 USD/ton and -10.17 cents/pound on April 3rd. Spot market activities were limited. Two transactions for shipment in the second quarter were concluded at the index level. Market sources told Agence France-Presse that a mining enterprise offered approximately -85 USD/ton, while the trader's offer was closer to -80 USD/ton. Market participants informed Agence France-Presse that a large Chinese smelter had postponed its scheduled maintenance until late June due to a significant increase in the price of by-product sulfuric acid. Agence France-Presse market survey showed that the price of sulfuric acid in Shandong province was flat on a weekly basis at 1,850 yuan/ton (271 USD/ton) on April 9th; the prices in Anhui, Guangxi, Hubei and Yunnan provinces rose by 300 yuan/ton, 150 yuan/ton, 250 yuan/ton and 180 yuan/ton respectively. According to market sources, China will suspend sulfuric acid exports starting from May until the end of the year. If domestic demand is insufficient to absorb the total output, domestic sulfuric acid prices may face downward pressure in May. Mining dynamics: The Panamanian government has approved the removal, processing and export of stored ore from the closed Cobre Panama copper mine. The mine is owned by Canadian First Quantum Minerals. The company stated that the project will handle approximately 38 million tons of stored ore and is expected to recover approximately 70,000 tons of copper. Chinese mining company Shuntian Mining has agreed to acquire a 30% stake in a copper-cobalt project in the Democratic Republic of Congo through its overseas subsidiary. The Eritrea Asmara copper polymetallic project, constructed by the Chinese engineering company Enfe, recently completed trial production and produced the first batch of concentrates. The project is located in the suburbs of Eritrea's capital Asmara and is currently the largest mining project in the country. After full production, the processing capacity of the ore will reach 4 million tons per year.
