On September 27 2022, CSPT set fourth quarter copper concentrate spot TC guidance at USD 93/dmt. Guidance for the third quarter was USD 80/dmt. Mysteel clean concentrate TC was USD 84.3/dmt on September 26. Spot market demand continued to be weak in fourth quarter due to sufficient raw material inventory in refineries.
According to Mysteel data, China matte production expects to reach 5.68mnt in first three quarters, increasing by 5% year on year. Output for the third quarter expects to rise 7.8% month on month and 9.8% year on year. Eleven smelters expect to conduct maintenance in the fourth quarter, which will impact matte production for 148kt, increasing by 82.7% quarter on quarter.
Data Source: Mysteel
China copper concentrate inventory remains at high level. According to Mysteel data, copper concentrate port inventory increased by 29.5% year on year in the third quarter. Copper concentrate inventory in smelters increased by 15.4% year on year in the third quarter.
Mysteel data shows that copper concentrate shipment increased by 13.9% year on year for the first three quarter, of which, shipment from Chile decreased by 17% year on year and shipment from Peru rose by 19.9% year on year.
Data Source: Mysteel
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