Japan Mining Industry Association’s chairman Nobumasa Kemori said at regular press conference on Thursday world mineral majors still control copper ore market while the ore purchase condition gets favorable slightly for smelters. The president of Sumitomo Metal Mining said the smelters should increase captive ore to 70% to secure profit.
Japanese smelters won US$ 85 per tonne of treatment charge and 8.5 US cents per pound of refining charge for shipment from July 2011 to June 2012 at the mid-year talk with BHP Billiton. The smelters’ charges increased by 52% from charges settled at year-end talk in 2010. Mr. Kemori said Chinese and Indian buyers’ thin appetite improved the charges while Japanese smelters also reduce the consumption after the major earthquake. He said smelters’ profitability is much lower than past time with price participation, under which smelters could get 10% of additional copper price increase in the market. Mr. Kemori showed concern resource rich countries’ negative policy. He said Japanese industry should watch closely Peruvian new tax on resources and Indonesian new obligation for higher value adding on resources.Japan Steel Scrap Composite Prices (Sangyo Press)
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