"倒贴钱"加工铜精矿？中国有色金属工业协会：坚决反对行业非理性行为

Core Points - The Chinese Nonferrous Metals Industry Association has publicly opposed the phenomenon of zero or negative processing fees in the copper smelting industry, calling it a "structural contradiction" that is unsustainable for the global copper industry [1][2] - China is taking measures to manage copper smelting capacity by halting approximately 2 million tons of illegal capacity to curb overexpansion, drawing lessons from the aluminum industry [2] - The processing and refining fees (TC/RC) have dropped to historical lows due to a structural imbalance between raw material shortages and excess smelting capacity, with spot processing fees even reaching negative $60 per ton [2] Industry Response - The association's vice president, Chen Xuesen, emphasized the harmful effects of negative processing fees on the global copper smelting industry and urged cooperation among relevant countries and stakeholders [1][2] - The current market conditions have led to concerns about the sustainability of the industry, with major companies like JX Advanced Metals and Glencore facing operational challenges due to low processing fees [2] - The upcoming long-term contract negotiations for 2026 are expected to address the need for a more sustainable pricing mechanism, with a cautious outlook from analysts regarding the potential for significant changes in the short term [5]