Global copper smelter and refinery cost 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 Q2 2026. Under our Q2 2026 outlook, the global average smelter DCC is forecast to increase by ~5% year-on-year, driven by higher power and fuel prices linked to Middle East-related supply disruptions. Despite rising costs, stronger sulphuric acid credits and free-metal revenues will lift average smelter cash margins by 66%. Average refinery DCC is forecast to rise by ~4% from 2025 levels, with energy remaining the largest cost component. Energy market disruptions remain the main upside risk to smelter and refinery costs in 2026. The attached files include a summary report and two interactive data packs. The data can be explored through customised tables and charts, enabling users to focus on specific aspects of smelter and refinery analysis. For feedback or questions, please contact support@woodmac.com or guillermo.parra@woodac.com