Japan Zinc Ingot Price Rises by 16,000 yen/t

Mitsui Mining & Smelting announced on Monday the firm increases the official zinc ingot price by 16,000 yen to 433,000 yen per tonne for March shipment under lower yen rate and firm offshore zinc market. The averaged monthly official price increased to 433,200 yen. Japanese zinc ingot price hit yearly low at 417,000 yen per tonne on March 6 under rapid depreciation of yen in plunge in the world stock market. However, Mitsui Mining & Smelting increased the official price when foreign exchange rate of yen decreased to 119.21 yen per US dollar on Monday, which decreased by 2.35 yen from March 6.Zinc ingot price decreased by US$ 66.50 to US$ 3,295 per tonne at settlement of London Metal Exchange on Friday from previous day due to downward pressure in copper and other metals. The price was still US$ 64 higher than the price on March 5, when Mitsui Mining & Smelting revised the price before.