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China's copper smelters have increasingly relied on sulphuric acid for profits, following a dramatic price surge after Ukrainian drone strikes disrupted Russian sulphur production. Acid prices rose from 464 yuan to about 1,045 yuan per metric ton.

Analysts estimate a $1.5 billion profit boost for smelters last year, while traditional smelting fees fell below zero. Sulphuric acid now accounts for over 64% of smelters' non-TC/RC revenue, up from 27%. However, volatility concerns persist, with forecasts of a 10-30% price drop due to demand destruction and export restrictions.