自由港麦克莫兰宣布计划退出全球铜精矿基准定价体系

基础金属	铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁
稀有金属	稀土稀土矿稀土氧化物稀土金属钕铁硼稀散金属锑铋铟锗镓硒钽锆贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒
新能源	锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

基础金属

铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁

稀有金属

稀土稀土矿稀土氧化物稀土金属钕铁硼 稀散金属锑铋铟锗镓硒钽锆 贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒

新能源

锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰 锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

自由港麦克莫兰宣布计划退出全球铜精矿基准定价体系

2025-10-15 09:03:08 来源：北方有色网责任编辑：韩泽楷

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自由港麦克莫兰公司(Freeport McMoRan Inc.)高管在接受采访时表示，公司计划脱离支撑全球铜精矿销售的基准定价体系，以保障冶炼厂的盈利能力。该表态来自公司最高商务负责人。

全球铜行业长期以来一直依赖单一基准，为铜精矿(即半加工矿石)的销售定价。铜冶炼厂通过将铜精矿加工成金属，获取名为“处理与精炼费”(TC/RCs)的加工费用。

这类费用会从铜精矿所含金属的价值中扣除，对维持冶炼炉运转至关重要——通常占冶炼厂收入的近三分之一。

但在2025年，前所未有的供应中断、冶炼产能扩张，以及贸易商的强劲采购需求，共同将基准TC/RCs推至历史低位。

“过去35年里，我从未见过这样的情况，”自由港集团销售与市场营销高级副总裁哈维尔・塔尔盖塔(Javier Targhetta)表示，“我们自由港不希望看到客户(冶炼厂)亏损。”

许多业内人士预计，2026年该基准还将进一步大幅下滑，甚至可能转为负值。若基准为负，意味着这笔加工费将计入铜精矿成本，而非从铜精矿所含金属价值中扣除。

塔尔盖塔指出，若出现上述情况，自由港明年很可能选择不遵循该基准，转而通过单独签订供应协议的方式，更好地保障冶炼厂的利润空间。

“市场正以前所未有的速度脱离基准体系，”他在伦敦金属交易所周(LME Week)期间、TC/RCs基准谈判启动时接受采访称。

这番表态尤为引人注目，因为过去30多年间，正是塔尔盖塔负责与冶炼厂签订大型供应协议，而这些协议长期为全球TC/RCs基准提供定价依据。

今年，自由港因自建一座新冶炼厂、导致可供其他买家采购的铜精矿数量减少，已退出了基准定价流程。智利矿业公司安托法加斯塔集团(Antofagasta Plc)接棒主导，最终确定了历史最低基准——处理费为每吨矿石21.25美元，精炼费为每磅金属2.125美分。

此外，塔尔盖塔还担任自由港旗下西班牙大西洋铜业冶炼厂(Atlantic Copper)的董事长。该冶炼厂的铜精矿既来自自由港自有矿山，也采购自第三方，这让他对加工费的大幅下滑尤为关切。

据知情人士透露，在近期一次招标中，贸易商为锁定明年的铜精矿供应，所报出的TC/RCs甚至低于-100美元/吨(处理费)和-10美分/磅(精炼费)。

“我们不认为这些数字能算作基准，它们毫无意义，”塔尔盖塔在谈及近期现货交易价格时表示，“大西洋铜业绝不会接受零加工费。”

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自由港麦克莫兰宣布计划退出全球铜精矿基准定价体系

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