India’s weekly imported copper scrap prices dropped by $20-50/mt, Thursday amid an oversupply of copper scrap relative to the global demand. Demand remained weak since Chinese businesses are yet to resume full-fledged operations.
The weekly Davis Index for Berry settled at $5,640/mt cfr India port, Thursday, down by $28/mt from a week ago. The index for Berry/Candy settled at $5,510/mt cfr India port, Thursday down by $23/mt. The index for Birch/Cliff settled at $5,048/mt, cfr India port Thursday, down by $24/mt from a week ago.
The weekly index for imported Elmo settled at $680/mt cfr India port, Thursday, down by $25/mt and the index for imported Elmo settled at $688/mt cfr Pakistan port, Thursday, down by $12/mt. Pakistani Elmo buyers continued to struggle to match seller offers.
Scrap and semi-finished product sellers shipping to China faced difficulties amid logistical issues at Chinese ports. Few copper ingots and brass billet producers have started receiving Chinese orders but were asked to stop loading containers.
The Davis Index for copper ingots settled at $5,481/mt cfr China port, up by $6/mt from a week ago. The index for brass billet settled at $3,950/mt cfr China port, up by $25/mt from a week ago.
The official three-month LME copper contract settled at $5,770/mt, up by 0.1pc from $5,764/mt a week ago.