Japanese copper smelters keep negotiating with offshore miners to settle copper ore price for July 2008 and June 2009 shipment. They focus on US$ 45 per tonne of treatment charge and 4.5 US cents per pound of refining charge at the mid-year talk, which is same level as settlement at end of 2007. The miners try to reduce the charge while the smelters are suffered from 14% lower charge compared with a year earlier level. The smelters try to maximize the charge. Japanese smelters import annual 4.6 million tonnes of copper concentrate, 20% of which the mid-year negotiation covers. Pan Pacific Copper, which is joint venture of Nippon Mining & Metals, Sumitomo Metal Mining and Mitsubishi Materials start 4th round talk with Escondida of Chine, which represents around 50% of Japanese concentrate import of Japan, in Japan by end of July. The focused US$ 45 per tonne of treatment charge and 4.5 US cents per pound of refining charge represents 11-12 US cents per pound. The charge is around 3% of 350 US cents per pound of ingot price. The smelters try to secure the minimum margin when they are already suffered from higher ore cost.
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Japan Steel Scrap Composite Prices (Sangyo Press)
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