CHINA DATA: Refined copper output rises 7% on year in 2021

China's refined copper output totaled 10.49 million mt in 2021, up 7.4% year on year, showed latest data from the National Bureau of Statistics.

Chinese smelters kept their operating rates at high levels in 2021 as it was lucrative amid a recovering treatment charge and high sulfuric acid prices, market sources said, adding that this situation may continue in 2022. China's refined copper production capacity will keep increasing in 2022 amid a rising copper concentrates supply, the sources said.

Output in December 2021 was up 3.8% from November 2021, as several Chinese smelters ramped up production in December to reach the whole year's output target, and few smelters had maintenance works while a power supply tightness eased. China produced 910,000 mt of refined copper in December 2021, down 6.1% year on year.

China's refined copper output might see a slight decrease in January compared with December 2021, as the operating rate of Chinese smelters might drop due to the Lunar New Year holidays, although most smelters did not have maintenance plans.

S&P Global Platts assessed the CIF China Clean Copper Concentrates treatment and refining charges at $62.70/mt and 6.27 cents/lb, respectively, Jan. 25, up $22.70/mt and 2.27 cents/lb from Feb. 1, 2021, when Platts started the assessment.

In the meantime, China's output of copper products -- the major consumer for refined copper -- reached 21.24 million mt in 2021, down 0.9% from a year earlier, the NBS data showed.