China produced a record 1.122 million metric tons of copper cathode in March 2025, marking a 6.0% increase from February and a 12.3% rise year-on-year, according to Shanghai Metals Market (SMM). The first quarter of 2025 saw total copper cathode production reach 3.194 million metric tons, up 9.4% compared to the same period last year.
Despite historically low treatment and refining charges (TC/RCs) for imported copper concentrates—reported at negative $24.14 per ton in late March—Chinese smelters increased average capacity utilization to 91.7%, up by 4.7 percentage points from February. Higher sulfuric acid prices helped offset losses in concentrate beneficiation and refined copper production. Many smelters also supplemented their operations by using more copper scrap and blister copper to reduce reliance on imported concentrates.
China continues to expand its copper production capacity with new cathode plants coming online. Several new lines were commissioned in the southeastern and eastern provinces during the first quarter, with additional capacity expected to come online later this year.
