Japanese largest copper smelter, Pan Pacific Copper started study for copper ingot production cut. The firm considers 10-20% cut from the beginning of 2009 when copper consumption decreases in China and Asia due to worldwide slower economy. That is the first output reduction for the firm in 6 years. Major output reduction by Japanese smelters could contribute to better supply balance.
Pan Pacific Copper, which is joint venture of Nippon Mining & Metals and Mitsui Mining & Smelting, produces around 600,000 tonnes per year of copper ingot in Oita, Ibaraki and Okayama. The output reduction could reduce the output by annualized 60,000-120,000 tonnes. The firm is in price negotiation with Southeast Asian users for 2009 shipment. The price is expected to decrease for premium while the sales volume is uncertain. Some buyers request spot base purchase for January-March and renegotiation for in and after April. The firm’s sales volume should decrease in 2009 when Japanese users also reduce the operations. Japanese copper ingot output is around 1.6 million tonnes per year. If other smelters including Mitsubishi Materials and Sumitomo Metal Mining would follow the production cut, major supply cut could improve the supply balance.Japan Steel Scrap Composite Prices (Sangyo Press)
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