Japan Official Zn Price Revised Down to 215,000 Yen/t

Mitsui Mining & Smelting announced on Tuesday the firm revised down its electrolytic zinc selling price, the market indicator, by 5,000 yen to 215,000 yen per tonne for domestic shipment in August. The revision reflected downturn in overseas zinc market. The monthly average would be 217,100 yen without any more revision within August.

Zinc settlement price at London Metal Exchange hit the monthly lowest at US$ 1,755.5 per tonne on August 17, down by US$ 118.5 from August 14. The settlement was lower by US$ 81.5 than US$ 1,837 on August 11, along which Mitsui Mining & Smelting previously revised the selling price. LME nonferrous metal prices wholly weakened on August 17 to follow plunge of nonferrous metal related stocks in Shanghai.

Nonferrous metal market prices had recently kept uptrend with an expectation for demand recovery, when economic indicators showed upturn signs in China, Europe and USA. However, at present, the market prices are sharply decreasing due to funds’ profit taking selling. LME zinc price dropped by about 10% from the yearly highest US$ 1,897.5 on August 13.