铜冶炼行业反内卷

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冶炼厂倒贴钱买原料 协会疾呼铜冶炼行业“反内卷”
Di Yi Cai Jing· 2025-09-26 12:15
Industry Overview - The copper smelting industry in China is experiencing "involution" competition, leading to persistently low copper concentrate processing fees, which are a focus of recent discussions by the China Nonferrous Metals Industry Association [1] - The association has proposed measures to control the expansion of copper smelting capacity to address the significant impact of this competition on the industry [1] Processing Fees and Financial Performance - In the first half of the year, the processing fees for copper concentrates have continued to decline, with spot processing fees dropping to a median of -40 USD/ton by the end of June [2] - Major companies like Tongling Nonferrous Metals and Northern Copper reported significant declines in net profits, with Tongling's net profit down 33.94% to 1.441 billion CNY, marking its first decline in five years [2] - The gross profit margins for copper products among leading companies have decreased, with margins ranging from 1.9% to 8.2%, significantly impacting overall revenue as this segment accounts for over 70% of total income [2] Supply and Demand Dynamics - The decline in processing fees is primarily attributed to tightening copper concentrate supply, as the supply-demand relationship is crucial for determining processing fees [3] - China's copper smelting capacity has grown significantly over the past two decades, outpacing the growth of raw material supply, leading to a shift from surplus to shortage in copper concentrate supply [3] - The reliance on imported copper ore, which constitutes over 80% of the supply structure, exacerbates the supply-demand imbalance, especially as domestic smelting capacity continues to expand [3] Market Trends and Strategies - Analysts note that the tightening supply of copper due to production cuts at major mines is contributing to the pressure on processing fees [4] - Companies are adopting strategies to mitigate the impact of low processing fees, such as cost reduction and increasing the profitability of by-products [4] - For instance, Yunnan Copper reported a net profit increase of over 24% to 1.317 billion CNY by focusing on operational efficiency and enhancing the contribution of by-products like sulfuric acid, which saw a gross margin increase of 35.41 percentage points [4]