| Year | LME copper (World Bank) | China, refined (HS 7403) | China, concentrate (HS 2603) | Concentrate as % of LME |
|---|---|---|---|---|
| 2016 | $4,868 | n/a | n/a | n/a |
| 2017 | $6,170 | $6,234 | $1,552 | 25% |
| 2018 | $6,530 | $6,662 | $1,621 | 25% |
| 2019 | $6,010 | $6,041 | $1,543 | 26% |
| 2020 | $6,174 | $6,102 | $1,676 | 27% |
| 2021 | $9,317 | $8,997 | $2,434 | 26% |
| 2022 | $8,822 | $8,755 | $2,229 | 25% |
| 2023 | $8,490 | $8,322 | $2,177 | 26% |
| 2024 | $9,142 | $9,104 | $2,397 | 26% |
| 2025 | $9,947 | $9,618 | $2,696 | 27% |
Sources: World Bank Commodity Price Data (LME annual average); UN Comtrade, importer-reported value divided by quantity. China's 2016 figures are omitted because Comtrade imputed them. Quantities are marked as estimated by Comtrade for many refined-copper lines, so the refined figures are approximate. Concentrate is not a copper price: see the text.
Refined copper follows the LME price
Refined copper (cathode and similar forms, customs code HS 7403) is a standard product, so the price importers declare stays close to the exchange price. China, South Korea, Germany, the United States, Italy and Turkey declared between 97% and 104% of the annual LME average in every year that passed the checks. The code also covers some wire-bar, billets and unwrought alloys, so a few points either side of 100% is expected, and this is a unit value, not a quoted price.
Concentrate is a different product
Copper ore and concentrate (HS 2603) is sold on payable copper, net of treatment and refining charges, so the declared value per tonne of concentrate is not the LME price times the weight. China's declared value per tonne of concentrate was 25% to 27% of the LME price per tonne in every year from 2017 to 2025, a stable ratio that is arithmetic, not a measured payable rate.
China's concentrate imports grew from 17.3 million tonnes in 2017 to 30.4 million tonnes in 2025, about three quarters more, and the declared price rose from $1,552 to $2,696 per tonne of concentrate.
Origin changes the declared price
In 2025 China declared $4,226 per tonne for concentrate from the DR Congo and $3,905 from Indonesia, against $2,657 from Peru, $2,580 from Chile, $2,542 from Mexico and $2,380 from Kazakhstan. The customs data does not show grade or impurities, so it cannot say why; a higher declared value per tonne is consistent with a higher copper content but does not prove it.
Treatment charges moved the other way
The annual benchmark treatment charge agreed between miners and Chinese smelters fell from $97.35 per tonne of concentrate for 2016 to $21.25 for 2025, and was reported at $0 for 2026. Treatment charges are what a smelter keeps for processing concentrate, so a falling charge means the miner keeps more of the value. See the explainer on treatment and refining charges.
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Frequently asked questions
What was the average LME copper price in 2025?
The World Bank's annual average LME copper price was $9,947 per tonne in 2025, up from $4,868 in 2016.
Why is concentrate declared at only about 26% of the LME price per tonne?
A tonne of concentrate contains roughly a quarter of its weight in copper, and the smelter keeps treatment and refining charges, so its value per tonne is a fraction of a tonne of refined metal.
Is the import price the price in a contract?
No. It is customs value divided by quantity, an average across every shipment in the code that year. Contract prices follow the terms agreed between buyer and seller.
Sources
- World Bank Commodity Price Data (the Pink Sheet)
- UN Comtrade database
- USGS Mineral Commodity Summaries 2026: Copper
- S&P Global via Hellenic Shipping News: Antofagasta settles copper concentrate treatment charge with Jiangxi Copper at $21.25/mt for 2025
Specifications published by index providers are revised over time. Where a figure comes from a pricing notice, confirm the version currently in force with the publisher before you use it in a contract. Corrections are welcome.