The weekly Davis Index for imported Honey brass was flat at Rs296,000/mt del Delhi consumer as the domestic brass scrap market remained silent amid a complete lockdown imposed on Tuesday. No trades were reported during the week as markets were closed following partial lockdowns which turned into a complete 21-day nation-wide lockdown on Tuesday night.
The weekly Davis Index for Honey domestic origin (Purja) settled at Rs287,000/mt del Delhi consumer, unchanged from last week.
Widespread congestion at the ports have kept traders away from booking new imported scrap. Also, uncertainty around when the lockdowns will be lifted is delaying trade. In Jamnagar, the weekly Davis Index for imported Honey brass settled at Rs290,000/mt. The weekly Davis Index for Honey domestic origin (Vilayati) settled at Rs275,000/mt del Jamnagar consumer, unchanged from last week.
Brass billet and ingot manufacturers are unable to take delivery of imported scrap material arriving at Mundra port. Manufacturers exporting brass billets have requested their counterparts in China to postpone the delivery schedule by 15 to 20 days and are hopeful that buyers will consider the same.
The three-month LME copper contract dropped by $83.5/mt from the prior week to $4,797.5/mt on March 24.