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China smelts about 60% of global copper, strengthening market power
China produces roughly 12 million to 13 million tonnes of refined copper annually, while Western smelting capacity has shrunk to just two facilities in the US, helping drive treatment and refining charges down near zero.
China has built a dominant position in copper processing, and a veteran copper smelting specialist says that grip could take decades and billions of dollars for Western competitors to unwind, according to Mining.com.
China now smelts about 60% of the world’s copper and refines a similar share after a 25-year expansion that left many Western miners shipping concentrate to China even as governments push to secure domestic critical mineral supply chains.
Mining.com reports that China produces about 12 million to 13 million tonnes of refined copper each year, using around 45 smelters, including some of the largest ever built, while Chile, the biggest copper producer, has reduced its smelting footprint to four plants after closing capacity.
The specialist linked the processing imbalance to a collapse in treatment and refining charges, which have fallen to near zero and at times below zero, adding that rebuilding Western smelting capacity is possible but would require long-term political commitment and substantial financial support.
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