The weekly indexes for most of the domestic brass scrap grades increased in Jamnagar and Delhi on the scarcity of scrap. Market participants shared that imports have gone down due to the global container crises. Most of the scrap yards will be stopping their operations on Thursday and will resume booking in early-Jan.
The LME three-month copper contract rose to $7,777/mt on Dec 22, up by $2.5/mt.
Davis Index heard trades of imported Honey at $4,666/mt cfr India from the US, $4,355/mt cfr India from UK, and $4,199 -4,238/mt cfr India from Europe/Gulf and Africa, down from $4,250 – 4,800/mt cfr India last week. Market participants in Jamnagar and Delhi reported slow demand. Davis Index heard Chinese bids at $4,800-4,950/mt cfr China. Jamnagar manufacturers continue to export approximately 2,000mt of brass ingots to China per month.
The weekly Davis Index for imported Honey brass Wednesday settled at Rs336,000/mt del Delhi consumer, up by Rs2,000/mt ($27.12/mt).
The weekly Davis Index for Honey domestic origin (Purja), del Delhi consumer, settled at Rs326,000/mt, up by Rs3,000/mt. Traders in Delhi reported a drop in trades on weak domestic demand as secondary manufacturers restricted new purchases hoping for LME copper and subsequently, scrap prices, to come down.
The weekly Davis Index for Honey domestic origin (Vilayati), del Jamnagar consumer, settled at Rs335,333/mt, up by Rs1,000/mt while the weekly Index for imported Honey settled at Rs351,000/mt, up by Rs1,667/mt.
($1= Rs73.73)