Nippon Mining & Metals announced on Thursday the firm increased the official copper ingot price by 30,000 yen to 780,000 yen per tonne for April shipment. The firm raised the price just 2 days after the hike with surging offshore market. The official price increased by 100,000 yen in 9 business days through 4 times hikes compared with 680,000 yen at the end of March. The price is the highest level as 780,000 yen in mid-February 1980. The averaged monthly price increased to 754,500 yen. Surging offshore price lifted the domestic price by another 30,000 yen per tonne. Speculators rush to buy copper when La Caridad copper mine of Grupo Mexico announced force majeure due to prolonged strike and Falconbridge of Canada is negotiating with union for new agreement. Copper settlement price increased to US$ 6,000 per tonne at London Metal Exchange on Wednesday and the cash buy price reached US$ 6,122 in the afternoon session. Copper price also increased by 7 US cents to 292.15 US cents per pound at cash settlement in New York, which represents US$ 6,220.30 per tonne. The prices keep renewing the record lifting Japanese price.
Japan Steel Scrap Composite Prices (Sangyo Press)11/25/2021
|55200YEN (-)||64600YEN (-)|
|474.51US$ (-0.49)||555.32US$ (-0.57)|
* Average of electric furnaces steel maker's purchasing price in Tokyo, Osaka and Nagoya (per ton)