TRADE REVIEW: Rising China smelter demand to keep Q3 copper TC/RCs under pressure

By Lu Han – S&P Global

China’s clean copper concentrate treatment charge and refining charges are expected to remain under pressure in the third quarter of 2026, as tight supply struggles to meet rising demand from new smelting capacity in China, according to traders, producers, and smelters.

Several new smelting projects are expected to boost demand in the fourth quarter of 2026 and beyond.

Inner Mongolia-based Chifeng Jintong’s new 300,000 metric tons/year line is also expected to start in Q4.