In the first two months of 2024, more copper smelters in the world did not operate than in the same period last year, mainly due to China’s inactivity, Udokan Copper’s Telegram channel said, citing mining.com.
The analysis is based on data from copper smelters, which account for up to 90% of global production. In January and February, an average of 11.5% of monitored smelter capacity was inactive, up from 8.6% in the same period last year. Inactive capacity in China rose to 8.3% (from 4.8% a year earlier), with the Baotou and Kunming smelters inactive.
The cost of processing copper concentrate in China fell to the lowest level in more than a decade due to a supply shortage, but may recover in the second quarter when the maintenance season begins.