Cu Scrap Domestic Price Nominally Surges, Tokyo

Copper scrap market price totally surged by 22-32 yen per kilogram around Tokyo on Thursday, when Nippon Mining & Metals raised its electrolytic copper ingot price for domestic shipment, the market indicator, by 40,000 yen to 540,000 yen per tonne. Scrap dealers basically reflected the upsurge of indicator on their scrap purchasing price. However, there were few scrap arrivals despite of price up. The market price is nominally high with few trades.

Copper scrap market price rose by 30-32 yen per kg to reflect about 80% of Nippon Mining & Metals’ price up revision. The price became 465-470 yen per kg for no.1 copper wire scrap, 440-445 yen per kg for new cutting oxygen free copper scrap, 395-405 yen per kg for medium grade copper scrap and 380-400 yen per kg for low grade scrap used by smelters.

Brass scrap market price upped by 22 yen per kg while bronze scrap price increased by 24-32 yen per kg. The market price became 335-345 yen for new cutting brass scrap and 310-315 yen for brass turning scrap. The market price reached 345-355 yen for medium grade bronze casting scrap and 455-465 yen for new cutting phosphor bronze scrap used by copper alloy fabricators.

Nippon Mining & Metals’ ingot price hit the yearly highest again following the same record in June. Japanese smelters’ breakeven point by using offshore copper ore was calculated at around 555,000 yen per tonne on Thursday to reflect high price at London Metal Exchange (LME). LME copper settlement jumped by US$ 170.5 to US$ 5,181.5 per tonne on Wednesday from the previous day.