Copper Smelters' Zero-Dollar Treatment Charges

In 2026, copper smelters worldwide agreed to a smelting charge of $0 per tonne, the lowest on record. Spot charges had remained negative since 2024, effectively making smelters pay mines for the right to process their concentrate. The International Energy Agency linked the squeeze to tight concentrate supplies and rapid growth in China's smelting capacity. As their fee income disappeared, smelters relied increasingly on sales of by-products.

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