China’s Copper Production Boom Threatens to Crowd Out the Rest of The World
- Ore squeeze worsened by construction of new smelters
- Industry’s pledges to cut output haven’t come to much
This article is for subscribers only.
Chinese copper smelters are facing pressure to rein in an expansion that’s pounding the industry’s profitability. The viability of plants across the globe may be at stake.
The top consumer of copper globally is on track to produce about half the world’s refined metal this year after a frenzy of smelter construction to secure supplies crucial to the energy transition. The boom in capacity has continued despite cutthroat competition for scarce raw materials that is crushing margins everywhere.