Japan Lead Ingot Price Hits Record

Mitsubishi Materials announced on Tuesday the firm increases the official lead ingot price by 8,000 yen to 260,000 yen per tonne for February shipment when the offshore market price hit record at London Metal Exchange due to production trouble at offshore smelter. Japanese lead price hit new record and the monthly average price increased by 2,900 yen to 250,700 yen per tonne. LME lead settlement price increased by US$ 53.50 to US$ 1,861 per tonne on Monday exceeding the former record of US$ 1,809 on December 11. The price increased by around 18% in recent 7 trading days. Japanese demand usually decreases after replacement battery demand season. The price also usually turns into weak. A major distributor said the price will decrease in spring despite of the recent firm market move.