Copper scrap market price is weak around Osaka. JX Nippon Mining & Metals might revise down its electrolytic copper ingot price, the indicator for domestic copper scrap market, by 15,000-20,000 yen per tonne along with downturn of offshore copper markets though the company raised the ingot price by 10,000 yen to 640,000 yen on June 8. Many dealers are willing to alter their scrap purchasing prices downward against the indicator’s lowering sign.Electrolytic copper spot price at London Metal Exchange dropped by US$ 229 to US$ 7,251.50 per tonne for settlement on Friday from Thursday. Copper spot price also decreased by 8.6 US cents to 328.35 US cents per pound at Commodity Exchange of New York. Copper scrap dealers around Osaka moved to lower their purchasing prices by 5-10 yen per kilogram mainly for copper based scrap on Monday. High market price for no.1 copper wire scrap diminished to around 550 yen per kg on Monday. One major dealer source said there was 560 yen selling offer on Monday but the trade didn’t realize since the dealers’ current sales price is around 580 yen and the margin would be shallow. Contracts are also inactive for new cutting oxygen-free copper scrap at around 520-525 yen or 500-510 yen for small-lot sales offer at less than 1 tonne. Brass scrap market price is also weakening. New cutting brass scrap is traded at around 385-390 yen for a relatively large lot of 5 tonnes while at around 350-360 yen for 1-tonne or less lot. The supply and demand are balanced due to stagnant demand and low generation. Market price of brass turning scrap was weak at around 300-350 yen due to low demand from brass bar makers.
Japan Steel Scrap Composite Prices (Sangyo Press)02/02/2023
|50400YEN (-)||51700YEN (-)|
|389.19US$ (4.16)||399.23US$ (4.27)|
* Average of electric furnaces steel maker's purchasing price in Tokyo, Osaka and Nagoya (per ton)