The weekly indexes for most of the domestic brass scrap grades in Delhi and Jamnagar rose in sync with the three-month LME copper contract. Market participants shared that imports are slow. Most of the scrap yards have resumed functioning after the New Year break.
The LME three-month copper contract rose to $7,922.5/mt on Dec 5, up by $68.5/mt from $7,854/mt on Dec 29. The market participants in Jamnagar and Delhi reported slow demand.
Davis Index heard Chinese bids for brass billets at $5,000- 5,010/mt, up from $4,850/mt cfr China prior week. Jamnagar manufacturers continued exporting approximately 2,000/mt of brass ingots to China per month.
The weekly Davis Index for imported Honey brass Wednesday settled at Rs346,000/mt del Delhi consumer, up by Rs12,500/mt ($171.05/mt) while in Jamnagar, it settled at Rs355,000/mt del consumer, up by Rs2,750/mt.
The weekly Davis Indexes for Honey domestic origin (Purja) del Delhi consumer settled at Rs335,000/mt del Delhi consumer, up by Rs16,500/mt while for Honey domestic origin (Vilayati) del Jamnagar consumer settled at Rs341,000/mt, up by Rs6,000/mt.
Traders in Delhi said demand has weakened as secondary manufacturers are restricting new purchases hoping for LME copper to cool off, resulting into lower prices of scrap.