Japanese copper smelters' H1 output seen rising 3.3% y/y

Mitsui Kinzoku Co

07/04/2026 08:57

By Yuka Obayashi

TOKYO, April 7 (Reuters) - Japan's refined copper production in the first half of the 2026/27 financial year is expected to rise 3.3% year-over-year, according to Reuters calculations based on smelters' production plans, driven by firm demand for copper alloy products and wire for the power sector.

The first half of the financial year runs from April to September.

Japan's largest copper supplier, Pan Pacific Copper (PPC), expects its first-half supply to rise 7.5% from a year earlier, as operating rates at JX Advanced Metals' 5016.T smelters are seen to improve, a company spokesperson said.

PPC, which is 47.8% owned by JX Advanced Metals, 32.2% by Mitsui Mining and Smelting 5706.T and 20% by Marubeni 8002.T, outsources smelting and refining operations to its parent companies' plants. It procures raw materials and sells refined metals.

In March, the Japan Copper and Brass Association projected a 1.2% increase in domestic demand for copper alloy products in the 2026/27 financial year starting this month, driven by strip products amid healthy global demand for the automotive and semiconductor sectors.

The Japan Electric Wire & Cable Makers' Association forecasts a 0.6% increase in copper wire shipments for the current year, as the replacement of ageing equipment and projected demand for power supply to data centres will boost demand in the electric power sector.

Below are the production plans of base metals in metric tons for April to September by key suppliers PPC, Sumitomo Metal Mining (SMM) 5713.T, Mitsubishi Materials 5711.T, Nittetsu Mining 1515.T, Furukawa 5715.T, Dowa Holdings 5714.T, Mitsui Mining and Toho Zinc 5707.T.

The table shows comparisons against planned or estimated production in metric tons in the second-half and actual output in the first-half of the 2025/26 financial year that ended on March 31, with year-on-year percentage changes for the first half of 2026/27.

H1
H2
H1
FY26/27
FY25/26
FY25/26
y/y
Copper
PPC
312,700
267,900
291,000
7.5
SMM
223,000
218,030
214,970
3.7
Mitsubishi Materials
175,416
184,206
181,818
-3.5
Nittetsu
23,648
23,420
23,814
-0.7
Furukawa
22,541
22,190
22,523
0.1
Dowa
3,930
4,201
3,073
27.9
TOTAL
761,235
719,947
737,198
3.3
Zinc
Mitsui
108,200
89,300
104,800
3.2
Dowa
89,373
118,633
81,113
10.2
TOTAL
197,573
207,933
185,913
6.3
LEAD
Toho Zinc
45,700
39,800
39,673
15.2
Mitsui
35,600
35,800
36,700
-3.0
Mitsubishi Materials
13,644
13,998
12,978
5.1
Dowa
4,596
6,128
4,177
10.0
TOTAL
99,540
95,726
93,528
6.4
Nickel
SMM
32,300
31,014
32,986
-2.1
Ferronickel
SMM
2,200
1,979
2,921
-24.7

 (Reporting by Yuka Obayashi; Editing by Eileen Soreng)

 ((Yuka.Obayashi@thomsonreuters.com; +813-4520-1265;))