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S.Korea PPS adjusts down price on zinc purchase

Thu Mar 20, 2008 9:28pm EDT

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SEOUL, March 21 (Reuters) - South Korea's state-run Public Procurement Service (PPS) said on Friday that the price for 2,000 tonnes of zinc it agreed earlier to purchase from a local company had been lowered after negotiation with the seller.

It would now buy the metal at $180 per tonne over London Metal Exchange cash prices on a cost, insurance and freight basis from Young Poong Corp (000670.KS), down from $210 initially announced on Thursday, an official at the agency said.

"We thought the price was too high and managed to adjust downward the price while keeping the contract with Young Poong," the official at PPS said.

Meanwhile, the official said it had decided not to buy the remaining 3,000 tonnes of copper cathode out of an earlier plan to buy a total of 6,000 tonnes, after buying on Thursday 3,000 tonnes.

The official said earlier it would decide later whether to buy the remaining 3,000 tonnes. (Reporting by Lee Jin-joo; Editing by Yoo Choonsik)



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