SHANGHAI, Jun 28 (SMM) – The floor price of imported copper concentrate treatment charges (TCs) for the third quarter has yet to be decided by the China Smelters Purchase Team (CSPT) even though the meeting was held on Thursday June 28.
In fact, there is a high probability that a floor price will not be set, for the first time, sources told SMM.
In anticipation of further upward room in the third quarter, the CSPT members were unwilling to suggest a reference price for the TCs in the hope of getting a better price, SMM expects.
Another reason could be due to the varying inventory levels among the team members, which left them unable to reach an agreement.
SMM estimated the floor price to stand at $85-87/mt in the third quarter, up from $78/mt in the second quarter, as demand from smelters declines amid sufficient inventory and ample supply.