Country Report
Global copper smelter and refinery cost summary
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
In this update of the Global Copper Smelter and Refinery Asset Summary, we examine the key trends and significant developments shaping this industry as of Q1 2026. With this quarterly update, smelter DCC is forecast to average 20.2 c/lb Cu in 2026, down 2% year on year, supported by lower non‑energy costs. Stronger by‑product revenues are expected to lift smelter margins by 52%. Average refinery DCC is estimated to rise marginally by 1% to 4.8 c/lb Cu cathode in 2026, while revenues are forecast to fall 31% due to weak refining charges. Energy price scenarios highlight potential upside cost risk from Middle East conflict‑driven disruption. The attached files include a summary report and two interactive data packs. This data can be easily manipulated using personalised tables and charts, allowing the user to focus on the custom elements of the smelter and refinery analysis. If you have any feedback or questions, please contact support@woodmac.com or guillermo.parra@woodac.com
Table of contents
- We have updated our analysis of copper smelter and refinery assets as of Q1 2026. These are the key takeaways for the copper smelting sector:
- Key takeaways for the copper refining sector :
- Updated analysis and data, Q1 2026
Tables and charts
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What's included
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