The Davis Index for imported Honey brass settled at Rs280,000/mt del Jamnagar consumer, down by Rs4,000/mt on improved availability of scrap in the domestic market.
Chinese buyers cleared payments for brass billet imports from India. Thus, traders and manufacturers in Jamnagar could evacuate more containers which were stuck at Mundra amid lack of funds. Domestic demand for brass ingots remains subdued. But the demand for billets has started to pick up spreading positive sentiment among brass manufacturers in Jamnagar.
The weekly Davis Index for Honey brass domestic origin (Vilayati) settled flat at Rs270,000/mt del Jamnagar consumer.
In seaborne trades, Davis Index heard prices for Honey brass of UK-origin at $3,500/mt from $3,300/mt last week, mainly due to reduced scrap generation rate. Trades for US-origin Honey brass were at $3,650/mt and at $3,300/mt for Gulf-origin. Brass billet exports were heard at $3,770/mt, up from $3,600-3,700/mt cfr China a week ago.
The weekly Davis Index for imported Honey brass settled at Rs281,000/mt del Delhi consumer, down by Rs1,000/mt from the prior week.
The weekly Davis Index for Honey domestic origin (Purja) settled at Rs268,500/mt del Delhi consumer, down by Rs3,500/mt on weak demand from brass manufacturers. Davis Index heard trades at Rs266,000/mt on cash payment basis. Delhi traders believe demand for brass scrap could recover slow.
($1= Rs75.66)