Nippon Shindo to Reflect Zinc Price on Scrap Buying Price

Nippon Shindo announced on Tuesday the firm could revise its purchasing price for brass turning scrap along fluctuation of Japanese official zinc ingot price, while the firm revised the purchasing price only when Japanese official copper price fluctuated so far.Japanese official zinc ingot price for domestic shipment in November was revised up by 10,000 yen on November 1 and by 33,000 yen to record 577,000 yen per tonne on November 7. Zinc spot price at London Metal Exchange marked record US$ 4,425 per tonne at purchasing price in afternoon trading on Monday. Additionally foreign exchange rate of yen became weaker against US dollar recently. The market price of new cutting brass scrap jumped up by 11 yen per kilogram due to sharp increase of the official zinc price.Nippon Shindo decided to reflect fluctuation of the official zinc price when the price had been revised by around 30,000 yen per tonne frequently and LME zinc price seemed to surge more with inflow of speculative funds.