Japanese copper smelters are struggling in mid-year talks with global miners over treatment and refining charges, as they reject ultra-low terms accepted by Chinese rivals, Reuters reported Thursday, citing the head of the Japan Mining Industry Association (JMIA).
Some Chinese smelters agreed to zero-dollar TC/RCs with Chile's Antofagasta, far below the 2025 annual rates of $21.25 per ton and 2.125 cents per pound, the report said.
Japanese firms, by contrast, had locked in higher charges of $25 and 2.5 cents by May, but miners are now pushing for even lower terms, said JMIA chairman Tetsuya Tanaka, according to the report.
Tanaka, who also heads Mitsubishi Materials, warned of severe pressure on non-Chinese smelters and urged Tokyo to coordinate with other countries. The industry ministry said it aims to support domestic smelting, but has not outlined concrete measures, the report said.
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