Geostrategic Daily

CSIS (Center for Strategic and International Studies) · 1 October 2026

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.

critical minerals · supply chain risk

Record

Source
CSIS (Center for Strategic and International Studies) (tier 1)
Published
1 October 2026
Link
https://www.csis.org/analysis/restoring-economics-copper-processing
Content depth
full
Regions
americas
Subregions
us
Actors
Rio Tinto, Freeport-McMoRan, U.S. Geological Survey
Edition
2026-10-02

Grounding

Verbatim spans from the source text that support the summary above.

In 2024, the United States consumed 1.6 million tonnes of copper, mined 1.2 million tonnes, and smelted just 585,000 tonnes
The U.S. Geological Survey puts net import reliance for refined copper at 45 percent.
Treatment and refining charges (TC/RCs)—the fees paid by miners to smelters—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.