Codelco to Cut Japanese, Korean Surcharge

Bloomberg reported that Chilean Miner Codelco plans to cut surcharge on sales to Japan and South Korean in 2013 by 8.6 percent, in advance of striking an agreement with China.

As quoted in the market report:

Copper is trading 11 percent below this year’s high on concern that Europe’s debt crisis and an economic slowdown in China will curb demand. Codelco’s settlement may set a benchmark for regional producers. The fee for China, the world’s biggest consumer, may drop to $100 a ton in 2013 from $110 this year, according to the median of 11 estimates from executives, analysts and traders compiled by Bloomberg.

To view the whole Bloomberg report, click here.