The weekly Davis Index for imported Honey brass Wednesday rose by Rs4,208/mt ($56.20/mt) from the prior week to settle at Rs313,875/mt del Jamnagar consumer, driven by the spike in imported prices despite the drop in LME copper contract. Very few deals concluded this week as secondary manufacturers stayed away from booking scrap citing subdued demand in the domestic market across India.
The three-month official copper contract rose by $42/mt to settle at $6,435/mt on August 4, up from $6,393/mt on July 28.
Alloy manufacturers did not renew export orders for brass billets after Chinese buyers failed to revise offers at $4,100/mt cfr China rate. Manufacturers’ margins narrowed as input cost escalated from the prior week.
Offers for imported Honey cfr India were heard at $4,050- 3,900/mt, up from $4,000-3,800/mt from the prior week.
The weekly Davis Index for Honey brass domestic origin (Vilayati) rose by Rs3,250/mt from the prior week to settle at Rs301,250/mt del Jamnagar consumer.
In Delhi, few brass scrap trades were reported. The Davis Indexes for imported Honey brass and Honey domestic origin (Purja) rose by Rs2,000/mt, Rs12,000/mt each from the prior week to settle at Rs307,000/mt and Rs302,000/mt del Delhi consumer, respectively.