The production plans for the second half of fiscal 2026 for 8 major non-ferrous metal producers have been disclosed. Copper shows a mixed picture, with 3 companies planning to increase production, 2 to cut production and 1 still reviewing its plans. Trends in zinc, lead, gold and silver, along with the impact of scheduled maintenance at major plants, are also reported.
The second-half production plans for refined metals at 8 major non-ferrous metal producers have been compiled. Of the 6 copper producers, 3 plan to increase production year on year, 2 plan to cut production and 1 is still reviewing its plans. Intensifying competition with overseas smelters has led to moves to reduce copper concentrate processing and increase the processing of recycled feedstock.
Pan Pacific Copper (PPC), the largest copper producer, said its plans remain under review, including negotiations. Among the other copper producers, Sumitomo Metal Mining indicated that it expects higher production. Although this is its initial plan for the fiscal year, the company expects production to increase following the scheduled maintenance at its Toyo Plant in 2025.
Both zinc producers expect higher production, while Mitsui Mining & Smelting expects an increase after factoring in the rebound from major maintenance brought forward. Two lead producers, including Toho Zinc, expect higher production, with a modest increase also seen as possible.
For gold, 2 of 7 companies are expected to increase production, while for silver, 1 of 8 companies expects higher production. The impact of raw material grades is clearly evident. Overall, a stable supply structure for raw materials is needed.