Japan Official Zinc Price Revised Down to 421,000 yen/t

Mitsui Mining & Smelting announced on Friday the firm decreased official zinc ingot price by 15,000 yen to 421,000 yen per tonne for domestic shipment in August. The price was revised down for the first time in 4 weeks due to the decline of overseas zinc market. The monthly averaged price became to 427,900 yen.Zinc spot price at London Metal Exchange sharply declined to over US$ 3,200 per tonne in afternoon trading on Thursday, though the settlement rebounded by US$ 60 to US$ 3,320 per tonne on the same day from Wednesday. The settlement on August 8 was US$ 3,395 along which Mitsui Mining & Smelting previously revised Japanese official zinc price.Japanese official zinc price became to 452,000 yen per tonne on July 12 at the latest peak and decreased to 410,000 yen reflecting the weak zinc market at overseas. However, LME zinc settlement price recovered to US$ 3,450-3,500 per tonne following the high nickel price and Japanese official price also increased to 436,000 yen on August 9.