Japanese copper smelters and offshore ore suppliers are currently negotiating on treatment and refining charges (TC/RC) for 2010-2011 shipment at around US$ 50 per tonne of TC and 5 cents per pound of RC, those which total 12 cents per pound. Masanori Okada, chairperson of Japan Mining Industry Association and president of Nippon Mining & Metals, revealed at the association’s regular press conference in Tokyo on Thursday.
Mr. Okada said Japanese smelters cannot gain any cash cost at 12 cents of TC/RC. He pointed out TC/RC negotiation is impacted by establishment of new copper smelters in China. He explained China’s new smelters are constructed without concrete prospect to secure enough ores and, that is, they are forced to purchase copper ore at cheap TC/RC in order to operate their facilities. As to Japanese electrolytic copper market, Mr. Okada represented a concern the annual domestic demand might hit below 1 million tonnes after 34 years. The demand was 456,000 tonnes in the first half of fiscal 2009 (April-September). The demand has gradually recovered from electric cable makers and copper alloy fabricators. However, the demand in construction market shows no sign to turn upward.Japan Steel Scrap Composite Prices (Sangyo Press)
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