The copper smelting industry is under growing pressure as plants around the world struggle to compete with the scores of newer factories in China offering cheap production of the red metal.
Commodity trader Glencore last week announced a halt to operations at its Pasar smelter in the Philippines, citing “increasingly challenging market conditions” as fees that smelters charge to process copper fell to an all-time low.
Global copper smelters are struggling to compete with rivals in China, which have rapidly built out their fleet of the facilities and control about half of copper smelting capacity worldwide, according to RBC analysts.
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