Japan Official Lead Ingot Price Down to 148,000 Yen/t

Mitsubishi Materials announced on Thursday the firm revised down its lead ingot selling price, the market indicator, by 9,000 yen to 148,000 yen per tonne for domestic shipment in February. The monthly average would be 151,800 yen without any more revision within February.

Lead spot price (settlement) at London Metal Exchange was US$ 1,060 per tonne on 18 February, down by US$ 42.5 from the previous day. LME price declined to reflect plunge of US automakers’ stock prices and the historically low number of US new housing starts. The settlement lowered by US$ 120 from US$ 1,180 along which Mitsubishi Materials previously revised its ingot price.

Meanwhile, telegraphic transfer selling rate on Thursday was 94.75 yen per US dollar. Yen became weaker against US dollar by 2.5 yen from the time on Mitsubishi Materials’ previous revision. Mitsubishi Materials’ lowered its ingot selling price by only 9,000 yen to reflect the exchange rate.