Copper smelters across Asia are following concentrate treatment and refining charge (TC/RC) terms agreed by Antofagasta and Jiangxi Copper, which are serving as a benchmark in contracts, sources taking part in the negotiations told Fastmarkets.
In a deal signed in Shanghai in November, China's Jiangxi Copper agreed to purchase Los Pelambres and Centinela copper concentrates from Chilean miner Antofagasta over the course of 2019 with TC/RCs set at $80.8 per tonne / 8.08 cents per lb. TC/RCs set in the deal, which is for January to December tonnage shipment and has standard terms, tonnages and metal payables, is being taken as a benchmark across Asia, with major smelters in China, Japan and South Korea using the number in contracts, sources taking part in annual contract negotiations said. "We are following the Jiangxi benchmark for sure," a source from a smelter concentrates purchasing team outside of China told Fastmarkets. Annual concentrate deals taking place...