**Excerpt:**
*”China’s copper smelters defied a global ore shortage and plummeting processing fees to achieve record-high refined copper production in March 2025. Despite financial headwinds—including negative smelting fees that forced processors to pay for refining—the industry adapted by capitalizing on soaring prices of by-products like gold and sulphuric acid. These secondary revenues offset losses, enabling smelters to maintain full capacity. However, analysts warn the crisis isn’t over: dwindling ore supplies threaten future stability, potentially forcing production cuts. China’s copper sector has shown resilience, but its ability to sustain output hinges on resolving deeper supply chain strains.”*
*(Source: Bloomberg Terminal data and industry reports)*
