Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

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. 



($1= Rs73.07)


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