Weak Copper Scrap Price in Tokyo

Copper scrap market price is weak around Tokyo when the domestic official ingot price could decrease by around 20,000 yen per tonne more under lower international price from 850,000 yen, which Nippon Mining & Metals reduced previous day. Local scrap dealer source around Tokyo says, the dealers are reluctant to buy at high priced materials with expectation for lower price despite of the tight supply condition. The dealers reduced the offer price by 5-10 yen per kilogram while they purchased materials reactively at negotiated price for offers. The tight supply supported the high scrap price. However, many dealers reduced the offer price by 5-10 yen per kg for copper scrap, by around 5 yen for brass and bronze scrap. The offer for No.1 electric wire scrap was as high as 780 yen per kg. A dealer source said the dealers try to get the material at 760-765 yen but the suppliers avoid such low price. The dealers try to renegotiate in the week for lower price. The market interests wait the next move by smelters’ price revision. The scrap export price is also weak under decreasing international market. The transaction price is 280-290 yen per kg for mixed electric wire with 40-42% scrap volume and 480-490 yen for low grade brass from 290-300 yen and 500-510 yen respectively at the beginning of the month.