30 C
Belgrade
Supported byspot_img
spot_img

European copper producer Aurubis increases copper premium offer for 2024

Member of Europium Groupspot_img
Supported byspot_img

European copper producer Aurubis AG will keep the premium it charges to deliver metal to customers in the region at a record high in 2024 as it anticipates a rebound in demand.

The company on October 5 said that it has told customers it will keep the surcharge at $228 a ton, ahead of the start of annual supply negotiations in London during the week of October 12. The move to maintain the rate — which is charged on top of London Metal Exchange copper futures — comes despite a sustained downturn in Europe’s industrial economy.

Copper’s demand outlook has been split between deteriorating consumption, in sectors like construction, and rising usage in electric vehicles and renewables. Chinese demand has been particularly resilient, with the International Copper Study Group forecasting consumption to grow 4.3% there in 2023, while weakness in Europe and the U.S. will drive a 1% contraction for the rest of the world.

Supported by

Aurubis is Europe’s largest copper smelter. Its premium sets the benchmark for the rest of the European industry, alongside an offer from Chile’s Codelco, which had also hiked its 2023 premium for the region sharply.

“For 2024 we see a pick-up in refined copper demand, especially in the segments related to the green energy transition,” Martin Sjöberg, Aurubis’ head of commercial, said in an email. “With our continuous and measurable efforts in all aspects of sustainability, we offer responsibly produced copper for the European economy.”

While concerns about the demand outlook persist ahead of the LME’s annual industry gathering next week, buyers in Europe are also bracing for supply constraints following a fire at a major refinery in Sweden owned by Boliden earlier this year.

 

Source: Supply Chain Brain

Supported byElevatePR Digital

Related News

Rio Tinto Assures on 2500 Pages – There is a Solution for Every Danger

Rio Tinto executed a move announced six months ago – they published drafts of environmental impact studies on how harmful the lithium mine in...

Critical Materials Act: Europe’s strategy for securing green technology supply chains

In May 2024, the EU Critical Raw Materials Act (CRMA) came into force, setting ambitious benchmarks for the domestic production and diversification of strategic...

Critical materials and the path to resilience: Europe’s quest for technological independence

The sustainability and resilience of modern economies hinge critically on the availability and management of key raw materials, such as lithium, cobalt and nickel....

“Protect Jadar and Rađevina”: No dialogue with Rio Tinto, their study is illegal

The association "Protect Jadar and Rađevina" announced today that they oppose opening any dialogue with the company Rio Sava Exploration regarding its environmental impact...
Supported by
Supported by
Supported by
error: Content is protected !!