FEATURE: China Cu smelters’ vow to cut output unrealized
Jan 17, 2020 11:30
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Members of China Smelters Purchase Team (CSPT), comprising most of the copper smelters in China, big and small, have so far taken no action of cutting their copper output into 2020 though they had vowed to do so on December 26 2019, Mysteel Global noted.
The 2020 copper production cut initiative was meant to lend support to domestic copper price so as to rescue the domestic smelters from thinning profits with the treatment and refining charges (TC/RCs) slumping to a new low since 2013.
For 2020, China’s copper smelters agreed with global copper miners on $62/tonne