Mr. Sadao Senda, chairperson of Japan Mining Industry Association and president of Mitsui Mining & Smelting, attended a regular press conference of the association in Tokyo on Thursday and referred to present conditions of price negotiations between offshore copper ore suppliers and Japanese copper smelters. He said Japanese smelters are driving the negotiations when spot ore demand is weakening.
He explained China’s ore demand is recently weak before Chinese New Year holidays while Chinese smelters are negative against too high electrolytic copper market price at more than US$ 9,000 per tonne. Chinese government’s regulation on electric power supply is another negative factor, he pointed out. In India, one major smelter is under suspension till the end of January due to environmental problem. Mr. Senda said spot ore demand is not strong from the world two largest consumers, China and India, and thus TC/RC (treatment charge and refining charge) for 2011-2012 shipment could become higher than the previous year. Meanwhile, he showed a concern on zinc ore price negotiations between offshore ore suppliers and Japanese smelters, which just began. Offshore miners are offering much less TC against smelters and the negotiations would become hard, he said.Japan Steel Scrap Composite Prices (Sangyo Press)
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