More Chinese copper smelters settle with BHP
Dec 14, 2007 | 08:37 AM
| Sean Barry
Chinese smelters Jiangxi Copper Co. Ltd. and Daye Non-Ferrous Metals Co. Ltd. have settled annual copper treatment and refining charges (TC/RCs) with BHP Billiton at $47.20 per tonne/4.72 cents a pound, according to traders.
The settlements are in line with an earlier agreement between BHP and China's Tongling Nonferrous Metals Group International Trade Ltd., but traders said the deals for 2008 deliveries include side terms involving quotational periods that favor the miner and could effectively lower the TC/RCs to $45 per tonne/4.5 cents a pound or less.
An executive of Jiangxi Copper, China's biggest copper smelter, said that the company had been pushing for TC/RCs of $50/5 cents. Earlier this month, Sterlite Industries (India) Ltd. settled an annual agreement at $45/4.5 cents with no price participation.....
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