The weekly Davis Index for imported Honey brass settled at Rs294,667/mt del Jamnagar consumer, up by Rs1,167/mt ($15.55/mt) in line with the rising copper prices on LME.
Davis Index heard trades at Rs295,000- 297,000/mt from alloy manufacturers, unconfirmed by traders. A weak domestic demand is holding back the rise in the prices of the scrap in line with the LME.
Alloy manufacturers exporting brass billets to China are only fulfilling old orders adopting a wait-and-watch approach as Chinese traders are reluctant to book new order in the wake of tensions between the two countries.
Copper prices on LME three-month copper contract rose by $45.5/mt to settle at $6,089/mt on July 7 from $6,043.5/mt on June 30.
The weekly Davis Index for Honey brass domestic origin (Vilayati) settled at Rs282,000/mt del Jamnagar consumer, down by Rs500/mt($/mt) driven by the weak demand for this scrap grade from manufacturers wanting to export billets to China.
In seaborne trades, Davis Index heard prices of imported Honey brass scrap at $3,600-3,900 cfr India, up from $3,600 – $3,800/mt depending on the scrap’s origin. Honey imported scrap of US- origin was at $3,900/mt, up by $100/mt from the prior week. Alloy manufacturers are reluctant to book scrap from US on the back of weak domestic demand and steep rise in the input cost due to scrap rates.
Brass billet exports were heard at $3,875- 3,900/mt up from $3,800- 3,850/mt from the prior week. Secondary brass manufacturers said that Chinese buyers are not booking new import orders as of now. Traders and manufacturers reported 15-30pc demand from domestic downstream industries.
The weekly Davis Index for imported Honey brass settled at Rs301,000/mt del Delhi consumer, up by Rs5,000/mt($66.64/mt) in line with the rise in the three-month copper contract on LME.
The weekly Davis Index for Honey domestic origin (Purja) settled at Rs291,000/mt del Delhi consumer, up by Rs 5,000/mt ($66.64/mt), due to subdued trades.