India’s imported copper scrap prices fell by 4pc-7pc on a $416/mt drop in the official three-month LME copper contract from a week ago.

The LME slide has been fuelled by uncertainty in the dates of Chinese markets reopening with the outbreak of the Coronavirus and transport and travel restrictions. 

India’s imported motor prices dropped by $25/mt to settle at $653/mt cfr Thursday, while imported motor prices into Pakistan fell by $71/mt cfr Thursday to settle at $627/mt. 
 

Pakistan suppliers were late to factor in the $10/mt drop in ferrous scrap prices last week and hence, have corrected prices with a larger slide. Despite the slide, these prices are yet to match buyers’ expectation, but suppliers have locked in the ferrous price cut and are not moving any lower.

 

The Davis Index for Berry dropped by $410/mt to settle at $5,637/mt cfr India port, on Thursday, while Berry Candy dropped by $396/mt to settle at $5,466/mt cfr India port, Thursday. The Davis index for Birch Cliff also dropped by $363/mt to settle at $5,008/mt cfr India port Thursday as demand from Indian markets thinned.

The Davis Index for yellow brass cfr India, also dropped by $50/mt Thursday, from a week ago, to settle at $3,650 on a $416/mt drop in LME copper, and a $206.5/mt drop in the three-month LME zinc prices from a week ago. The three-month official LME copper price settled at $5,723/mt Wednesday, 6.8pc down from $6,139/mt from a week ago.

 

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