Restoring the Economics of Copper Processing
In 2024, the United States consumed 1.6 million tonnes of copper, mined 1.2 million tonnes, and smelted just 585,000 tonnes, with net import reliance for refined copper at 45 percent. Treatment and refining charges have collapsed either to zero or to negative levels in the spot market, reflecting a widening imbalance between expanding smelting capacity and constrained mine supply. This has shifted bargaining power upstream and forced smelters to compete for scarce concentrate.
Why it matters: This matters for the supply chains theme because copper processing capacity and import reliance determine exposure to concentrated midstream capacity abroad.