Japan Official Zinc Price Raised to 410,000 yen/t

Mitsui Mining & Smelting announced on Friday the firm raised the official zinc ingot price by 14,000 yen to 410,000 yen per tonne for domestic shipment in April. The monthly averaged price increased by 7,700 yen to 394,000 yen. The price was revised up 3 times in April and increased by 16% in these 2 weeks with the surging zinc price at overseas market.Zinc spot price at London Metal Exchange (LME) increased by US$ 34 to US$ 3,085 per tonne at settlement on Thursday from the previous day. LME zinc price marked the record for 7 trading days in a row and increased by 51% from recent bottom at US$ 2,015 on February 16.LME zinc price becomes stronger under tight spot supply in the world. Zinc ingot supply leveled off while world demand is increasing especially in China. World zinc ingot supply is expected to shorten against demand by 300,000-400,000 tonnes in 2006. LME zinc stocks are also decreasing at present.