Japan Official Lead Price Down to 260,000 Yen/t

Mitsubishi Materials announced on Wednesday the firm revised down official lead ingot price by 4,000 yen to 260,000 yen per tonne for domestic shipment in March. Japanese smelters’ breakeven point with imported lead ores declined from the beginning of March due to sharp upsurge of foreign exchange rate of yen against US dollar. The monthly average downed by 3,200 yen to 260,800 yen per tonne.Lead settlement price at London Metal Exchange was US$ 1,900 per tonne on Tuesday, almost as flat as US$ 1,910 at the beginning of this month. LME lead price kept the level when Xstrata’s Northfleet smelter in UK was still under Force Majeure and LME lead inventory stayed at the low level at around 30,000 tonnes.Telegraphic transfer selling rate temporarily approached 116 yen per US dollar after global stocks downturn. TTS rate was higher by more than 2 yen than the beginning of March, though which eased to 117.82 yen per US dollar on Wednesday. Mitsubishi Materials seemed to incorporate the down of Japanese smelters’ breakeven point and sharp decline of lead price at LME curb trading.