Japanese largest copper smelter, Pan Pacific Copper said on Monday the firm agreed with a South American miner to start copper ore purchase for 2 years through 2012. They agreed at US$ 80 per tonne of treatment charge and 8 US cents per pound of refining charge for 2011 shipment. They will talk in late 2011 for TC and RC for 2012 shipment. Pan Pacific Copper also agreed with BHP Billiton for one year purchase contract while the smelter failed to disclose the TC and RC.
The total US$ 453 per tonne of TC and RC is 72% higher than previous year’s agreement with Freeport-McMoRan Copper & Gold and BHP Billiton at total US$ 263 per tonne including US$ 46.50 per tonne of TC and 4.65 US cents per pound of RC. The total process charge is the highest level since US$ 95 per tonne of TC and 9.50 US cents per pound of RC for 2006-2007 shipment. Pan Pacific Copper said the firm satisfied with TC and RC agreed with BHP Billiton. The smelter is also in talk with miners in North America to settle the TC at more than US$ 70 per tonne and the RC at more than 7 US cents per pound. The smelter sought much better TC and RC to the miners than last year when Chinese buyers hold the order. Chinese buyers are reluctant to expensive ore based on price at London Metal Exchange when LME copper price is higher than price at Shanghai Futures Exchange.Japan Steel Scrap Composite Prices (Sangyo Press)
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