The weekly indexes for the domestic brass scrap grades in Delhi and Jamnagar rose on the back of the $707/mt spike in the three-month LME copper contract from the prior week. This is the second consecutive surge in the LME copper contract. Last week copper scrap prices rose by $287/mt.
Market participants reported subdued demand in Jamnagar and revival of demand in North India though imports were weak on the back of shooting copper prices on LME. There is a scarcity of imported honey.
The LME three-month copper contract rose to $9,126/mt on February 24 from $8,419/mt on February 16. Market participants in Jamnagar reported slow trades both with domestic buyers and Chinese bidders.
Chinese bids for brass billets rose to $5,350/mt cfr China port, up by $150-200/mt from $5,150-5,200/mt in previous week. Jamnagar exports 2,000mt of brass ingots to China every month. The exporters of brass billets shared that trading at these levels was not viable as scrap prices in international market continued their upward swing.
The weekly Davis Index for imported Honey brass Wednesday settled at Rs410,000/mt del Delhi consumer, up by Rs31,000/mt ($428.11/mt) while in Jamnagar, it rose to Rs430,167/mt del consumer, up by Rs30,167/mt ($416.67/mt).
The weekly Davis Index for Honey domestic origin (Purja) settled at Rs396,000/mt del Delhi consumer, up by Rs30,500/mt ($421.27/mt). The weekly Davis Index for Honey domestic origin (Vilayati) settled at Rs415,000/mt from Rs381,538/mt del Jamnagar consumer, an increase of Rs33,462/mt ($462.18/mt).
($1= Rs72.39)