Japan, Spain, South Korea warn on tumbling copper processing fees
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Update time : 2025-10-20 15:59:56
Global copper smelters are struggling as processing fees decline due to tight concentrate supply and rising capacity in China, with some Chinese firms even agreeing to process Chilean ore at no charge.
Japan, Spain, and South Korea announced jointly on October 15 that they were deeply concerned about tumbling copper treatment and refining charges (TC/RCs).
The three nations warned that worsening TC/RCs are prompting some smelters to scale back or exit copper concentrate operations, because in some spot deals this year, smelters even needed to pay miners for processing.
The ministries said the current market environment hinders balanced growth between mining and smelting sector and increases reliance on specific countries. They urged a return to sustainable TC/RC levels and vowed continued talks with stakeholders and mining countries to build a more resilient copper supply chain.
