China’s Top Copper Smelters Call for Action Against New Capacity
A smelter melting copper in Jinhua, Zhejiang, China.
Source: TPG/Getty Images
China’s top copper smelters are urging the authorities to tighten control over new capacity, warning that cut-throat competition has driven processing fees to historical lows, threatening the industry’s health.
The China Nonferrous Metals Industry Association has submitted proposals to the central government recommending strict controls on new projects, the group’s newspaper reported. Executives from producers including Jinchuan Group Co. and Jiangxi Copper Co. flagged increasing pressure from what they described as “involution-style” competition, it said, following a meeting on Wednesday.