Copper concentrate imports into Nantong port in southern China's Jiangsu province reached 2.109 million mt in 2013, up 98% from 1.065 million mt imported in 2012, the official Xinhua news agency reported Tuesday, citing data from the Nantong Entry-Exit Inspection and Quarantine Bureau.
Chinese industry sources said the increased copper concentrate imports were mainly supported by higher treatment and refining charges for Chinese smelters in 2013.
Chinese copper major Jiangxi Copper signed its 2013 imported copper concentrate agreement with US miner Freeport-McMoRan Copper & Gold at TC/RCs of $70/mt and 7 cents/lb in 2013, up 10% from $63.50/mt and 6.35 cents/lb in 2012.
TCs/RCs -- the fees charged to a miner by a smelter/refiner for converting the concentrates into refined copper -- are a key source of revenue for smelters. TC/RCs typically rise when copper concentrate supply increases.
Nantong is one of China's vital river ports connecting China's Jiangsu province to the East China Sea. It is also a key port for copper concentrate imports due to its geographic location, land resources and proximity to Shanghai city.
