Nippon Mining & Metals reduced the official price of copper ingot by 40,000 yen to 610,000 yen per tonne for March shipment on Wednesday. Mitsubishi Materials reduced the official lead ingot price by 14,000 yen to 181,000 yen for March shipment. Mitsui Mining and Smelting increased the official zinc ingot price by 10,000 yen to 312,000 yen per tonne for March shipment. Nippon Mining & Metals’ copper price is the lowest level since 600,000 yen per tonne in late January. The offshore copper price plunged due to restart of Grasberg mine in Indonesia. The price decreased to 214.05 US cents per pound temporally at cash contract of New York Mercantile Exchange, which was the lowest price after 213.85 cents on January 5. With the lower NY price, the price also decreased to US$ 4,835.50 per tonne at cash settlement price at London Metal Exchange, which was the lowest price after US$ 471 on January 24. The foreign exchange rate of yen turned into upward. The price increased to 116.86 yen per US dollar at telegraphic transfer selling rate, which was first less than 116 yen since late January, after consecutive increases for 5-trading days. Mitsubishi Materials’ lead price is the lowest level since February 13 due to lower offshore market price and higher yen rate. The LME lead settlement price decreased by US$ 4 to US$ 1,192.50 per tonne on Tuesday. The price decreased by US$ 52.50 since previous price hike by Mitsubishi Materials though the LME price still keeps more than US$ 1,190 for 4 consecutive trading days. With the lower price, Mitsubishi Materials reduced the official price along with the 2.64 yen of higher yen rate from previous price change. Mitsui Mining and Smelting increased the zinc price to the highest level after 321,000 yen per tonne on February 10 under higher offshore price despite of higher yen rate. The LME zinc settlement price increased by US$ 59 to US$ 2,303 per tonne on Tuesday. The LME price reached US$ 2,300 again due to tight supply of spot market after the 16% decrease from the peak on February 7 since LME shifted to US dollar based transaction.
Japan Steel Scrap Composite Prices (Sangyo Press)12/08/2023
|49900YEN (-)||51400YEN (-)|
|345.93US$ (9.15)||356.33US$ (9.43)|
* Average of electric furnaces steel maker's purchasing price in Tokyo, Osaka and Nagoya (per ton)