Mitsui Mining Cuts Zn Ingot Price by 5,000Y/T

Mitsui Mining & Smelting revised down the official zinc ingot price by 5,000 yen to 145,000 yen per tonne for shipment in January reflecting the overseas market downward trend and the appreciating rate of yen, announced on Monday. The monthly averaged price declined by 1,300 yen to 151,600 yen per tonne from the previous revision on Wednesday without any more revision in January.

Zinc price at London Metal Exchange declined by US$ 89.5 to US$ 1,108 per tonne on Friday compared with January 20, which represents the decrease for 5 business days in a row. The telegraphic transfer selling rate appreciated to 89.89 yen per US dollar on Friday from 90.92 yen on January 20.

Zinc inventory at warehouse registered to LME has increased since October when the zinc demand decreases for the global recession. The inventory increased by 11,775 tonnes on January 20 and by 8,775 tonnes on January 22 from a previous day, respectively. The stock was 297,250 tonnes on January 22 and it almost exceeds the 300,000 tonnes for the first time since March 2006.