Nippon Mining and Metals announced on Wednesday that it increased the official copper ingot price by 10,000 yen to 600,000 yen per tonne for January shipment. The price reached the level of recent high between December 6 and 15 in 2005 and the highest level since March 1980. The averaged monthly price increased to 588,400 yen.The firm increased the price under higher offshore price and lower yen rate. The offshore price increased by US$ 11 to US$ 4,737 per tonne at cash buy price in the afternoon session of London Metal Exchange on Tuesday. Copper price also increased by 3 cents to 217.25 cents per pound at cash contract of New York Mercantile Exchange. The NY kerb, which is indicator for trading on Wednesday, surged to US$ 4,797.50 per tonne in LME cash price. The foreign exchange rate of yen decreased by 0.52 yen to 116.11 yen per US dollar at telegraphic transfer selling rate on Wednesday. The NY kerb price represents 557.04 yen per kilogram of ingot in Japan. Japanese interests estimate Nippon Mining and Metals included 43,000 yen per tonne of import charge into the ingot price based on the NY kerb.
Japan Steel Scrap Composite Prices (Sangyo Press)08/21/2019
|25800YEN (-)||28600YEN (-)|
|240.31US$ (0.64)||266.39US$ (0.71)|
* Average of electric furnaces steel maker's purchasing price in Tokyo, Osaka and Nagoya (per ton)