Copper Scrap Market Price Levels Off in Tokyo and Osaka

Copper scrap market prices maintained flat around Tokyo and Osaka on Wednesday. Electrolytic copper selling price by JX Nippon Mining & Metals, the domestic indicator, should be lowered by 5,000 yen from present 760,000 yen per tonne since offshore copper market prices continued to decline on March 20. However, scrap sellers kept strong expectations for the market price upsurge. Scrap dealers cannot accept high price offers and then there is little trading volume among dealers. In March of usual years, many dealers move to stocktaking and sales realization at the end of their fiscal years. Meanwhile, one scrap dealer in Tokyo said present scrap generation volume is as low as in other months.

Around Tokyo, the market mid price is 660-670 yen per kilogram for no.1 copper wire scrap. Scrap dealers should pay higher than 680 yen for large-lot procurement. Few dealers can accept the actually high prices. The market prices are stable at around 645-655 yen for no.1 heavy copper, 600-610 yen for no.2 heavy copper and 580-595 yen for other copper scrap with above 95% copper content. These prices keep high due to low scrap generation.

Brass based scrap market prices are relatively weak. Brass turning scrap was 425-435 yen and new cutting brass scrap was 470-480 yen around Tokyo. Local brass bar makers are likely to maintain scrap purchasing volume and price unchanged for April-June from January-March. Scrap supply may keep loose in and after April.

Around Osaka, the market prices leveled off at 650-665 yen for no.1 copper wire, 450-460 yen for new cutting brass scrap and 370-380 yen for brass turning scrap. Brass based scrap prices are potentially weak to reflect low demand.