Japanese Copper Scrap Market Prices Totally Decline by 20 Yen/kg

Copper and copper alloy scrap market prices totally declined by average 20 yen per kilogram around Osaka and Tokyo on Wednesday when domestic price indicators largely lowered. JX Nippon Mining & Metals revised down its electrolytic copper ingot price by 30,000 yen to 700,000 yen per tonne, which is the lowest level since mid February, to reflect the lowest offshore copper market price since mid January at London Metal Exchange on Tuesday.

Around Osaka, scrap selling offers maintained thin while scrap dealers reflected the domestic indicators’ downturn on their purchasing prices. Copper scrap prices were lowered by 24-25 yen per kilogram, which is around 80% of price cut by JX Nippon Mining & Metals. No.1 copper wire scrap price became averagely 610 yen and 615 yen at highest. Several dealers told copper scrap shipment is decreasing and a little procurement is enough to meet the demand. They have enough inventories to cover delivery quotas in April and May.

Oxygen-free copper scrap is also cheap. One local major rolled copper made spot offers at 91% of JX Nippon Mining & Metals ingot price at the beginning of this month but the rolled copper maker now apparently reduced the offer to 88% of the ingot price. Many scrap dealers offer 575-585 yen per kg, which is 25-30 yen less than No.1 copper wire scrap, when the orders are thin.

Brass scrap market prices downed by 20 yen per kg when leading scrap price setter of Nippon Shindo revised down its purchasing price for brass turning scrap by 20 yen. New cutting brass scrap price is 425-430 yen at highest. Local rolled copper alloy makers keep low purchasing volumes and prices. Local dealers also hold surplus inventories of brass turning scrap.

Around Tokyo, copper and copper alloy market prices totally decreased by 18-25 yen on Wednesday. Scrap dealers stopped new procurement with a concern on continuous price down at overseas copper market. Copper scrap market prices declined by 25 yen for high grade and by 20 yen for low grade. No.1 copper wire price became 615-625 yen. The dealers hold surplus inventories of high grade copper scrap due to weak orders. Nonferrous metal smelters show strong appetite for low grade copper scrap. The supply is relatively tight under low scrap generation.