The weekly indexes for most domestic brass scrap grades in Delhi and Jamnagar rose in India in sync with the three-month LME copper contract. Imports are slow due to rise in prices of brass imports on strong LME.
The LME three-month copper contract rose to $7,991.5/mt on Jan 12, up by $69/mt from $7,922.5/mt on Jan 5. Slow demand was reported in Jamnagar and Delhi reported slow demand.
Chinese bids for brass billets stood at $5,010/mt, marginally up from $5,000/mt cfr China prior week. Jamnagar manufacturers continued exporting approximately 2,000/mt of brass ingots to China per month.
The weekly Davis Index for imported Honey brass Wednesday settled at Rs349,000/mt, up by Rs3,000/mt ($40.97/mt) from Rs346,000/mt del Delhi consumer while the index for Jamnagar settled at Rs360,750/mt del consumer, up by Rs5,750/mt.
The weekly Davis Indexes for Honey domestic origin (Purja) settled at Rs336,000/mt del Delhi consumer, up by Rs1,000/mt, and for Honey domestic origin (Vilayati) at Rs346,000/mt del Jamnagar consumer, up by Rs5,000/mt.
Delhi saw a drop in trades on weak domestic demand as secondary manufacturers are restricting new purchases on the back of the rising copper prices on LME.