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 commented Japanese copper smelters aim the current spot ore price level could be reflected for 2011-2012 ore contracts. Spot price of copper concentrate is recently improving for smelters though long-contract terms were very severe in 2009 price negotiations.
Japanese copper smelters are now in price negotiations with offshore copper ore suppliers for 2011-2012 shipment. In 2009 negotiations, TC (treatment charge) was set at US$ 46.5 per tonne and RC (refining charge) at 4.65 US cents per pound. TC/RC totaled approximately US$ 263 per tonne, which is smelters’ margin but hit the historically lowest level. Spot TC/RC is currently increasing. Mr. Senda analyzed spot TC/RC has increased since China and India have decreased copper concentrate purchase. In China, smelters’ operations are impacted by the national electric power control policy to reduce CO2 emissions. In India, smelters’ operations have slowed down due to environment problems or facility troubles. Meanwhile, Mr. Senda said copper ore supply will basically keep tight since new mines’ operations start in or after 2012 while Chinese ore demand continues increasing. Spot TC/RC might not sustain the current level for a long term, he said.Japan Steel Scrap Composite Prices (Sangyo Press)
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