India’s weekly domestic copper scrap prices for Berry, heavy and sheet cuttings fell by Rs10,333/mt ($145.17/mt), Rs13,667/mt ($192.03/mt) and Rs20,000/mt ($280.97/mt), respectively. Demand from switch gear manufacturing companies in Maharashtra and Gujarat fell by 20pc.
Prices for domestic armature wire, turnings and utensils scraps rose driven by a rise in the three-month official LME copper contract which increased by $12/mt to $5,735/mt on Wednesday.
The Davis Index for copper armature wire rose by Rs7,500/mt to Rs406,000/mt del India consumer from the prior week. Earlier, scrap traders were reluctant to stock up inventories in anticipation of weak demand. Now their inventories have thinned, and supply of armature wire has tightened in Indian markets. This supply crunch coupled with increased demand by 15pc from copper product manufacturers in Delhi and NCR areas drove the prices upwards.
Among other scrap grades, the Davis Index for domestic copper Berry scrap fell by Rs10,333/mt to Rs419,667/mt del India consumer. The index for copper heavy and sheet cutting fell by Rs13,667/mt, Rs20,000/mt to Rs411,333/mt and Rs400,000/mt del India consumer, respectively.
The demand for busbar rose by 7pc from the prior week from several electric equipment manufacture companies in southern India.