Japan Official Zinc Price Drops by 46,000 yen/t

Mitsui Mining & Smelting announced on Monday the firm reduces the official zinc ingot price by 46,000 yen to 388,000 yen per tonne for August shipment to reflect lower offshore market and higher yen rate. The official zinc price is 16,000 yen lower than 404,000 yen of official lead price. The averaged official zinc price decreases by 20,000 yen to 423,400 yen. Zinc ingot price decreased by US$ 90.5 to US$ 3,020.5 per tonne at settlement of London Metal Exchange on Friday from previous day. Foreign exchange rate of yen increased to 115.46 yen per US dollar at telegraphic transfer selling rate on Monday, which was 2.98 yen higher than August 15, when Mitsui Mining & Smelting revised the price before. Offshore zinc price decreased by 27% from recent peak in May when the supply is expected to get easy. Lead market price keeps relative high at US$ 3,000 per tonne under strong demand and concern for potential supply shortage though the price decreased by 15% from peak in July.