Mitsui Mining and Smelting Lowered Official Zinc Price by 18,000 yen

Mitsui Mining and Smelting announced on Monday that it lowered the official zinc price by 18,000 yen per tonne to 279,000 yen per tonne for the shipment in February following LME (London Metal Exchange) zinc cash price adjustment, which declined to the lower price level since January 12. The average estimate value of February was lowered 6,300 yen per tonne to 302,700 yen per tonne. LME zinc cash price (settlement) increased US$15 per tonne from the previous day to US$2,030 per tonne last Friday. However, that declined 15% from US$2,391 per tonne which was the new high since LME’s transfer to dollar-based trading hit on February 7. Meanwhile, the domestic official zinc price became 269,000 yen per tonne in the beginning of this year. Afterward, that increased to 327,000 yen per tonne on February 6 following LME zinc price’s sharp rise, cheaper yen and strong dollar. That was in the high level since 330,000 yen per tonne reached on May 11 1990. But that was lowered by 48,000 yen per tonne as a total as a result of Mitsui’s performing the price decrease for 3 consecutive times from February 10.