Mitsubishi Materials Decreases Official Pb Price

Mitsubishi Materials announced on Wednesday the firm revised down official lead ingot price by 14,000 yen to 228,000 yen per tonne for August shipment. The price hit 9 months low due to decrease in offshore lead market price and higher yen exchange rate. The monthly averaged price is 237,000 yen without anymore revision in August.

Lead ingot price at London Metal Exchange was US$ 2,355 per tonne at settlement on Wednesday. The price was US$ 64 lower than the price on August 5, based on which Mitsubishi Materials revised the official price. Telegraphic transfer selling rate was 77.79 yen per US dollar on Wednesday, which increased by 1.32 yen during the period.

Nonferrous metals market price decreased in August due to global financial uncertainty. Lead price at LME marked recent bottom at US$ 2,278 per tonne on August 9, which decreased by 13% or US$ 349.5 from the beginning of August. The price rebounded after August 9. However, the price stays low at less than US$ 2,400.

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