Annual refining charges (RCs) for imported blister copper, an intermediate product of refined copper production, have increased slightly this year while China's copper smelters are looking to import more material to fill the supply gap arising from the drastic cut in copper scrap import quotas.
Expectations of rising supply have boosted RCs for imported blister copper, normally 97-99% copper content, to $170 per tonne for Chinese smelters in 2018, up from $165 per tonne on a cif basis last year, a major blister copper producer directly involved in annual negotiations told Metal Bulletin. "Blister copper is a direct substitute of copper scrap. So, we are seeing a boost of imports in China from the restriction on scrap imports," a producer source said. China's imports of blister copper are expected to hit...