(Yicai Global) Nov. 21 -- China's biggest copper producer has agreed lower treatment and refining charges with a Chilean miner for next year.
Jiangxi Copper, acting on behalf of the country's major copper processors, has struck a deal with Chilean miner Antofagasta to lower next year's copper treatment and refining charges to USD80.08 a ton and 8.08 cents a pound, representing an annual drop of USD1.45 a ton.
This is the fourth straight year the price has fallen. It was high as USD107 per ton in 2015, Jiangxi Copper told state-backed Xinhua News Agency reported.
China is the world's largest consumer of copper, public data shows. Major Chinese players in the industry formed the China Smelters Purchase Team led by Jiangxi Copper to negotiate long-term TCs and RCs with international miners, which generally set the global price for the following year.
State-backed Jiangxi Copper Corporation and several partners formed Jiangxi Copper which listed on the Hong Kong and London bourses in June 1997.