China processes about half of the worlds copper. Photographer: Qilai Shen/Bloomberg

Chinese copper smelters have started curbing output and told international concentrate suppliers that they plan further cuts this year and into 2027 as higher ore costs and falling byproduct prices threaten heavy losses, according to people familiar with the matter.

Firms including Tongling Nonferrous Metals Group Co. and Daye Nonferrous Metals Group Holdings Co. plan to process less concentrate, said the people, who asked not to be identified as theyre not authorized to speak publicly. Some plants have begun maintenance and are running at minimal rates, with feedstock resold to the market, they said. Up to 30% of Tonglings primary smelting capacity will be affected, two of the people said.

据知情人士透露，中国铜冶炼厂已开始削减产量，并告知国际精矿供应商，由于矿石成本上升及副产品价格下跌可能带来重大亏损，他们计划在今年及至 2027 年进一步减产。

据不愿透露姓名的知情人士称，铜陵有色金属集团股份有限公司和大冶有色金属集团控股有限公司等企业计划减少精矿加工量。这些人士因未获授权公开表态而要求匿名。他们表示，部分工厂已开始检修，并以最低负荷运转，同时将原料转售给市场。其中两位知情人士透露，铜陵有色高达 30% 的初级冶炼产能将受到影响。