Prices for most domestic brass scrap grades declined in the Delhi and Jamnagar markets in sync with a weakness in the three-month LME copper contract.
The LME three-month copper contract settled at $6,528/mt on Tuesday, down by $30/mt from $6,558/mt a week ago.
After two weeks of lull, the Delhi market registered some trades. The weekly Davis Index for imported Honey brass, Wednesday, dropped by Rs2,000/mt ($27.27/mt) to settle at Rs310,000/mt del Delhi consumer from Rs312,000/mt.
The weekly Davis Index for Honey domestic origin (Purja) del Delhi consumer settled at Rs297,000/mt, down by Rs5,000/mt. A few trades were also reported at prices below Rs287,000/mt del Delhi consumer, but these levels remain unconfirmed.
The weekly Davis Index for Honey domestic origin (Vilayati) del Jamnagar consumer settled at Rs302,000/mt, down by Rs1,000/mt. The weekly Davis Index for imported Honey at was at Rs319,500/mt, down by Rs1,500/mt del Jamnagar consumer. Market participants reported slow but steady demand for scrap. Few participants reported trades of imported Honey at Rs318,000/mt del Jamnagar consumer levels, but other participants believe this material may have impurities.
Chinese offers for brass billets remained unchanged at $4,050- 4100/mt cfr China port from the prior week. Offers for imported honey were heard at $3,700-4,050/mt for the Middle East. Offers for the UK and the US-origin scrap were at $3,738- 4,000/mt cfr India port.
Imported honey scrap of Europe origin was available at $3,607 -3,672/mt cfr India port. But some believe the material available in the range of $3,600/mt comes with attachments.
Participants buying imported scrap resumed purchase as the Indian rupee appreciated by 0.56pc against $1 from the prior week making scrap imports marginally cheaper for Indian buyers.