Japanese copper smelters are negotiating 2026 treatment and refining charges (TC/RCs) with global miners, aiming for terms different from China’s, according to the Japan Mining Industry Association (JMIA). TC/RCs have been pressured by rapid growth in global smelting capacity, especially in China, which has squeezed margins. Antofagasta and a Chinese smelter agreed to 2026 TC/RCs of $0 per ton and 0 cents per pound, showing market challenges. JMIA chairman Tetsuya Tanaka noted Japanese smelters are emphasizing traceability and lower environmental impact in negotiations, but talks remain difficult and progress is unclear. Pan Pacific Copper offered a record premium of $330 per ton for 2026, though even high premiums do not make up for declining TC/RCs. For 2025, Japanese smelters secured TC/RCs of $25 per ton and 2.5 cents per pound, slightly higher than deals made in China.