The weekly indexes for domestic brass scrap grades in Delhi and Jamnagar rose by around $384.5/mt in sync with the three-month LME copper contract from the prior week. Demand is weak in several parts of India while imports are slow on the back of shooting prices of copper on LME. Importers reported scarcity of imported honey, cautioning that prices in the domestic market are likely to surge further if imports continue to remain weak.
The LME three-month copper contract rose to $8,132/mt on Feb 9, up from $7,747.5/mt on Feb 2. Market participants in Jamnagar reported slow trades with domestic buyers as well as Chinese bidders.
Chinese bids for brass billets surged to $5,150-5,200/mt from $4,850/mt China, up by $300-350/mt from the prior week. Jamnagar exports 2,000mt of brass ingots to China per month. Brass billet exporters shared trading at these levels was not viable as scrap prices in the international market continued their upward swing.
The weekly Davis Index for imported Honey brass, Wednesday, settled at Rs386,000/mt del Delhi consumer, up by Rs28,000/mt ($384.37/mt). The weekly index for imported Honey settled at Rs380,000/mt del Jamnagar consumer, up by Rs13,333/mt.
The weekly Davis Index for Honey domestic origin (Purja) settled at Rs367,667/del Delhi consumer, up by Rs22,667/mt ($311.16/mt). The weekly index for Honey domestic origin (Vilayati) settled at Rs363,750/mt del Jamnagar consumer, a surge of Rs10,417/mt.
($1= Rs72.84)