Codelco agrees 3-year labor deal at Radomiro Tomic copper complex Chilean state-owned copper producer Codelco has reached a 36-month labor agreement with the management and the workers union at its Radomiro Tomic copper complex, the company said this week. There was a consensus on no wage increases and a term bonus of 4.16 million Chilean pesos ($5,729), the company said on Wednesday March 31.
The deal also includes incentives for different goals, such as overcoming specific.
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FOCUS: Copper TC/RCs hit decade-lows, market questions where bottom is Treatment and refining charges for copper concentrate fell again to new 10-year-lows in the week ended Friday March 12, with Fastmarketsâ copper concentrate index dropping to less than $30 per tonne/3 cents per lb for the first time. The spot market has been in a prolonged downtrend since 2014, but a recent bout of tightness has seen terms dip by 27% in the past two weeks.
TC/RCs, which are discounts to exchange prices paid to smelters for processing ores into metal, are at levels last seen in 2010-11, at the tail end of a commodities supercycle, when red-hot demand for copper from China was rapidly outpacing supply.
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China turns to imported copper blister, cathode while scrap loses luster in 2020 [CORRECTED] China increased refined and unrefined copper imports by over 31% year on year in 2020, whereas scrap inflow shrank significantly, reflecting the import policy change for waste products that came into force at the end of the year.
Copper concentrate imports
21.77 million tonnes, down 1% year on year
China s imports of copper concentrate, a major feed for primary smelting, dropped marginally in 2020 despite strong demand arising from expansion of copper smelter capacity. It was the first recorded drop since 2011, with supply constraints and trade disputes in the play.
Since the start of 2021, the unusually tight availability of copper concentrate has caused Fastmarkets benchmark copper concentrate treatment and refining charge (TC/RC) index cif Asia Pacific to set multiple new lows. At the end of January, it dipped below $40 per tonne / 4 cents per lb for the first tim