primary price data
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Benchmark Mineral Intelligence · Global · Copper treatment charges hit zero for the first time ever as smelter capacity outstrips mine supply
Provides primary price data showing spot TC/RCs fell to around -$70/t by late March 2026, meaning smelters are paying miners for concentrate rather than receiving fees; attributes the squeeze to a 650,000-850,000t annual concentrate supply shortfall driven by smelter capacity additions outstripping mine output growth.
“Spot treatment charges fell to around minus $70/t by late March 2026, signalling extreme concentrate tightness.”