Mitsui Mining & Smelting Hikes Zinc Ingot by 10,000Y/T

Mitsui Mining & Smelting revised up the official zinc ingot price by 10,000 yen to 190,000 yen per tonne for shipment in May reflecting the overseas zinc price rise and low yen rate, announced on Wednesday. The monthly averaged price decreased by 4,300 yen to 189,100 yen per tonne from a previous revision on May 14.

Zinc settlement at London Metal Exchange increased by US$ 40.5 to $ 1519.5 per tonne on Tuesday from previous day, which recovered to more than $ 1,500 per tonne for the first time in a week and became $ 84.5 higher from a previous revision by Mitsui Mining & Smelting.

The telegraphic transfer selling rate decreased to 96.92 yen per US dollar, which decreased by 0.46 yen from a previous revision. Higher import charge also impacted on the Japanese official price.

Zinc price at LME marked monthly low at US$ 1,430 on May 14 when nonferrous metals price kept decreasing. However, zinc price moved firmly when the inventory keeps decreasing.