Country Report
Global copper smelter and refinery cost summary
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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 Q2 2025. With this quarterly update, the weighted average DCC of costed smelters was revised to 19.3 c/lb Cu in 2025, an overall reduction of 0.1 c/lb Cu compared to 2024, driven by stable energy prices. Furthermore, backed by a moderately bullish outlook for sulphuric acid prices in 2025, sulphur credits are expected to rise to 9.3 c/lb Cu, up from 8.4 c/lb Cu in 2024. The average DCC for refineries is projected to marginally increase from 4.6 c/lb Cu in 2024 to 4.7 c/lb Cu in 2025. 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
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