Impact of Metal Price Fluctuations on Financial Results
First written in FY2016. 20 of 37 entries say "Materialised", first in FY2017-Q1. Latest entry: 2026-08-14.
Toho Zinc moved to the "Worse" side of this theme in 2016, 2 years before the typical company in this theme (2018).
The whole theme swung hardest in 2018: 12 of 22 companies on the "Worse" side.
8 other companies' latest entry also says "Materialised".
- FY2026MaterialisedAnnual report
「Zinc and lead prices remained relatively firm, while gold and silver prices surged, reaching new highs.」
The rise in gold and silver prices and the firmness of zinc and lead prices actually occurred, affecting results through increased sales volumes of gold products and higher earnings from rising precious-metal prices. - 2026-05-14MaterialisedRevision of earnings forecasts
「The Smelting business posted higher profit due in part to metal prices rising more than expected.」
Higher-than-expected metal prices materialized as a full-year profit growth factor for the Smelting business. - FY2026-H1MaterialisedAnnual report
「Zinc and lead prices remained on a downward trend or were flat from the beginning of the period, while gold and silver prices rose substantially, reaching new highs.」
Weak zinc and lead prices and rising gold and silver prices occurred simultaneously, producing differing effects on smelting business earnings by metal. - FY2025MaterialisedAnnual report
「Metal prices rose substantially from the beginning of the period for zinc and silver, while lead prices also remained relatively firm.」
Metal price fluctuations also occurred during the period, and higher zinc and silver prices contributed to improved earnings in the smelting business. - FY2025-H1MaterialisedAnnual report
「Metal prices, particularly zinc, rose from the beginning of the period amid expectations of an economic recovery in China, the world's largest consumer, and then weakened during the period amid uncertainty over the outlook for the Chinese and global economies. However, zinc prices had fallen sharply from the beginning of the period in the same period of the previous year, resulting in a substantial year-on-year increase. Lead was slightly lower year on year, while silver was substantially higher.」
Fluctuations in zinc, lead and silver prices actually occurred. Higher zinc and silver prices affected selling prices and earnings, while the impact of derivative transactions was also reflected in revenue. - FY2024WorsenedAnnual report
「Reflecting the slowdown in the global economy, metal prices for zinc and lead, the Company's principal products, continued to trend downward toward the end of the fiscal year.」
The decline in zinc and lead prices continued against the backdrop of a slowing global economy, affecting results through lower free-metal revenue and lower earnings in the smelting business. - FY2024-Q3WorsenedAnnual report
「Metal prices, particularly zinc, remained sluggish throughout the period amid concerns over an economic recovery in China, the world's largest consumer. Prices were substantially lower year on year, partly because zinc prices had been high in the same period of the previous year.」
The prolonged weakness in zinc prices and substantial year-on-year decline led to a growing impact on results through lower free-metal revenue and lower earnings in the smelting business. - FY2024-Q2WorsenedAnnual report
「Metal prices, particularly zinc, remained sluggish throughout the period amid concerns over an economic recovery in China, the world's largest consumer. Prices were substantially lower year on year, partly because zinc prices had been high in the same period of the previous year.」
Zinc prices remained sluggish. The average LME price in the second quarter of fiscal 2023 was $2,429 per tonne, below $3,269 per tonne in the same period of the previous year. Lower prices became evident in reduced free-metal revenue and lower earnings. - FY2024-Q1WorsenedAnnual report
「Metal prices, particularly zinc, remained on a downward trend throughout the period as supply and demand eased due to concerns over an economic recovery in China, the world's largest consumer, and the resumption of production at European smelters that had adjusted operations because of soaring electricity costs. Prices were substantially lower year on year, partly because zinc prices had been high in the same period of the previous year.」
Zinc prices remained on a downward trend as concerns over China's economic recovery and the resumption of production at European smelters eased supply and demand. Prices were substantially lower year on year, affecting results through lower free-metal revenue and inventory valuation losses in the smelting business. - FY2023WorsenedAnnual report
「Zinc, the Company's principal product, remained on a downward trend throughout the period as the sense of an economic slowdown intensified, reflecting the global economic conditions described above.」
The downward trend in zinc prices continued throughout the fiscal year, actually affecting results through lower earnings in the smelting business and lower-of-cost-or-market valuation losses. - FY2023-Q3RestatedAnnual report
「Metal prices continued to trend downward throughout the period as the prolonged situation in Ukraine, the impact of lockdowns in China and the growing sense of economic slowdown caused by higher policy interest rates in Europe and the United States weighed on markets. In December, however, prices recovered somewhat following the lifting of China's zero-COVID policy and a shift toward a weaker US dollar.」
Although metal prices continued to trend downward, they recovered somewhat in December, and the price fluctuation risk situation was not materially different from the previous quarter. - FY2023-Q2WorsenedAnnual report
「LME prices turned downward after reaching a high in the $4,500 range in April. Although sales volumes declined, revenue increased 33% year on year due to higher average prices during the period and the weaker yen.」
Zinc prices turned downward after peaking in the $4,500 range in April, and the smelting business recognized a lower-of-cost-or-market valuation loss due to falling prices. The impact of metal price fluctuation risk on results continues. - FY2023-Q1MaterialisedAnnual report
「Metal prices turned downward from May onward as concerns intensified over the slowdown in the global economy due to the worsening situation in Ukraine, soaring energy prices, supply chain disruptions caused by lockdowns in China and progressing inflation.」
Metal prices turned from highs to declines during the first quarter, and the smelting business recognized a lower-of-cost-or-market valuation loss at period-end due to falling prices. Metal price fluctuation risk is actually affecting results. - FY2022MaterialisedAnnual report
「Zinc US$10/tonne ¥15.5 million (¥9.0 million) Lead US$10/tonne ¥11.0 million (¥8.0 million) ¥/US$ ¥1/US$ ¥23.0 million」
Metal prices rose and boosted results, while the Company specifically disclosed the sensitivity of consolidated operating profit for fiscal 2022 to zinc and lead prices and foreign exchange rates. Price fluctuation risk is presented quantitatively. - FY2022-Q3MaterialisedAnnual report
「Metal prices remained on an upward trend as economic activity was expected to recover, supported by continued monetary easing policies in Europe and the United States and the global expansion of vaccination programs. Base metals overall were also supported by reduced supply due to smelter shutdowns and production cuts caused by soaring electricity prices in Europe, as well as expectations of long-term demand growth from the shift to electric vehicles as part of decarbonization efforts.」
The rise in metal prices actually occurred. The average LME zinc price during the period was $3,091 and the lead price was $2,331. Higher prices contributed to increased revenue and earnings in the smelting and resources businesses. - FY2022-Q2MaterialisedAnnual report
「Metal prices remained on an upward trend as economic activity was expected to recover, supported by continued monetary easing policies in Europe and the United States and the global expansion of vaccination programs, while expectations of increased demand for copper and nickel as part of climate-change measures also provided support for base metals overall.」
Metal price fluctuations actually occurred. The average LME zinc price during the period was $2,954 and the lead price was $2,234. Higher metal prices contributed to increased revenue and earnings. - FY2022-Q1MaterialisedAnnual report
「Metal prices remained on an upward trend as economic activity was expected to recover, supported by continued monetary easing policies in Europe and the United States and the global expansion of vaccination programs.」
The rise in metal prices, including zinc and lead, actually occurred and contributed to higher revenue and earnings in the smelting and resources businesses. - FY2021MitigatedAnnual report
「Zinc prices shifted from the sharp decline at the end of the previous fiscal year caused by the COVID-19 impact to an upward trend throughout the period, partly due to China's early recovery in economic activity.」
Zinc prices shifted from the sharp decline at the end of the previous fiscal year to an upward trend, partially mitigating the downward impact of declining prices during the fiscal year. However, the average price during the period was about the same as in the previous period, and price fluctuation risk itself remains. - FY2021-Q3MitigatedAnnual report
「Metal prices for zinc and lead, the Company's principal products, shifted from the sharp decline at the end of the previous fiscal year caused by the impact of the novel coronavirus disease (hereinafter, the “COVID-19 impact”) to a recovery trend, partly because China, the world's largest consumer, resumed economic activity at an early stage.」
Zinc and lead prices shifted from the sharp decline at the end of the previous fiscal year to a recovery trend, partially mitigating the downward impact of the risk of declining prices. However, average prices during the period were lower than in the same period of the previous year. - FY2021-Q2MitigatedAnnual report
「Metal prices for zinc and lead, the Company's principal products, shifted from the sharp decline at the end of the previous fiscal year caused by the impact of the novel coronavirus disease (hereinafter, the “COVID-19 impact”) to a recovery trend, partly because China, the world's largest consumer, resumed economic activity at an early stage.」
Metal prices shifted from the sharp decline at the end of the previous fiscal year to a recovery trend, partially mitigating the downward impact of price fluctuation risk during the quarter. However, average prices during the period were lower than in the same period of the previous year. - FY2020WorsenedAnnual report
「Prices plunged in March amid market turmoil accompanying the global spread of the novel coronavirus, and the average price during the period declined from the previous period.」
The average zinc price during the period was $2,405, below $2,746 in the previous period, and prices temporarily plunged below $1,800 in March. The decline affected the smelting business's operating loss through an inventory valuation loss. - FY2020-Q3WorsenedAnnual report
「LME prices started at $3,018 per tonne at the beginning of the period, then fell rapidly from May onward due to the prolonged US-China trade friction and other factors, declining to around $2,200 in September.」
LME zinc prices fell from $3,018 at the beginning of the period to around $2,200 in September, affecting inventory valuation losses and the smelting business's operating loss. - FY2020-Q2WorsenedAnnual report
「Metal prices, particularly zinc, the Company's principal product, fell sharply from May onward due to the prolonged US-China trade friction and easing ore supply and demand. Although prices recovered somewhat in September, they remained on a downward trend throughout the period.」
The average LME zinc price during the period was $2,554, below $2,824 in the same period of the previous year, and the sharp decline resulted in a substantial inventory valuation loss. The impact of metal price fluctuation risk has increased. - FY2020-Q1WorsenedAnnual report
「Metal prices, particularly zinc, the Company's principal product, fell sharply from May onward due to the prolonged US-China trade friction and an increase in LME (London Metal Exchange) inventories, and remained on a downward trend throughout the period.」
LME zinc prices fell from $3,018 at the beginning of the period to just below $2,500 at the end of June, while the average price during the period was $2,763, below $3,114 in the same period of the previous year. The decline in metal prices also resulted in a substantial inventory valuation loss. - FY2019WorsenedAnnual report
「Metal prices, particularly zinc prices, the Company's principal product, turned downward after peaking above $3,600 in February 2018. As US-China trade friction intensified, prices plunged further from July onward, temporarily falling below $2,300 in September.」
The decline in metal prices led to an inventory valuation loss, an operating loss in the smelting business and a net loss. - FY2019-Q3WorsenedAnnual report
「Metal prices, particularly zinc, the Company's principal product, turned downward after peaking above $3,600 in February 2018. As US-China trade friction intensified, nonferrous metal prices plunged further from July onward, temporarily falling below $2,300 in September.」
Zinc prices plunged from above $3,600 to below $2,300, and the resulting year-on-year decline in prices led to a substantial inventory valuation loss. - FY2019-Q2MaterialisedAnnual report
「Although the average price during the period was at about the same level as in the previous period, the rapid decline in prices during the period resulted in a substantial inventory valuation loss in the smelting business.」
The rapid decline in metal prices actually occurred and affected the smelting business's operating loss through a substantial inventory valuation loss. - FY2019-Q1MaterialisedAnnual report
「Metal prices, particularly zinc, the Company's principal product, rose year on year on an average-for-the-period basis, but turned downward after peaking above $3,600 in February 2018. Nonferrous metal prices then plunged further amid concerns over global trade friction originating in the United States, falling below $2,900 in June.」
Zinc prices fell from above $3,600 to below $2,900 in June, and metal price fluctuation risk actually materialized during the quarter. As average prices during the period were above those of the same period of the previous year, the impact on the business differed depending on market conditions. - FY2018-Q3MaterialisedAnnual report
「LME (London Metal Exchange) prices exceeded $3,300 in October. Although prices subsequently entered a correction phase, they returned to the $3,300 range at the end of December.」
Zinc prices exceeded $3,300 in October and were again in the $3,300 range at the end of December. These price fluctuations actually occurred and had an overall positive effect on the smelting and resources segments. - FY2018-Q2MaterialisedAnnual report
「Metal prices, particularly zinc, the Company's principal product, continued to trend downward at the beginning of the period due to rising geopolitical risks and other factors. However, prices continued to rise after mid-June as the supply-demand balance tightened due to continued production cuts by major mining companies and stricter environmental regulations in China. LME (London Metal Exchange) zinc prices exceeded $3,000 in August and reached the $3,200 range at the end of September.」
Zinc and lead prices fluctuated significantly. LME zinc prices exceeded $3,000 and reached the $3,200 range at the end of September. Higher metal prices actually affected results as a factor driving higher earnings in the smelting and resources businesses. - FY2018-Q1MaterialisedAnnual report
「Metal prices, particularly zinc, the Company's principal product, continued to trend downward after entering the period following a peak in February this year, but turned upward after mid-June as the supply-demand balance tightened due to improvements in Chinese economic indicators and a decline in LME (London Metal Exchange) inventories.」
Metal price fluctuations actually occurred during the quarter, and average zinc and lead prices during the period were substantially above the same period of the previous year. Higher metal prices contributed to increased revenue, while deterioration in smelting and processing costs had differing effects across the businesses. - FY2017MaterialisedAnnual report
「Overall, the rise in metal prices in US dollars provided a tailwind. Both zinc and lead prices were on an upward trend. In particular, zinc prices on the LME (London Metal Exchange) continued to rise from the mid-$1,400s per tonne in January 2016, driven by expectations of tighter ore supply and demand, and rose sharply, temporarily approaching $3,000 in mid-February 2017.」
Metal price fluctuations actually occurred, and the rise in prices during the period contributed to higher earnings in the smelting and resources businesses. - FY2017-Q3MaterialisedAnnual report
「In particular, zinc prices on the LME (London Metal Exchange) continued to rise from the recent low of approximately $1,450 in January 2016, driven by expectations of tighter ore supply and demand, and rose sharply, temporarily exceeding $2,900 at the end of November.」
Metal price fluctuations actually occurred, and the rise in zinc prices during the quarter contributed to inventory valuation gains and higher earnings in the smelting business. - FY2017-Q1MaterialisedAnnual report
「In terms of profit and loss, operating income, ordinary income and quarterly net income attributable to owners of the parent all decreased year on year, reflecting lower metal prices than in the same period of the previous year and the impact of the stronger yen.」
The company explains that metal prices were lower year on year and actually affected business performance as a factor behind the decline in profit. - FY2016First statedAnnual report
「If LME prices fluctuate sharply and significantly beyond expectations, this may affect the business results and financial condition of the Company Group.」
The company discloses metal price fluctuations as a risk and explains that sales and profit decreased in the current fiscal year mainly because metal prices fell.