The Davis Index for imported Honey brass settled at Rs310,000/mt, del Jamnagar consumer, up by Rs15,333/mt($204.2/mt) from the prior week in line with the rising copper prices on LME. Traders reported a drop in the trade, as secondary manufacturers shirked away from booking scrap citing a steep rise in the scrap rates from the prior week.
Alloy manufacturers avoided new export orders for brass billets after Chinese buyers failed to increase the rates beyond $4,000/mt cfr China. Alloy manufacturers refused to export at these rates after input cost climbed from the prior week.
Davis Index heard trades of imported honey cfr India at $3,850-3,900/mt, unchanged from the prior week. Traders cited that manufacturers having strong inventories had scrap purchased at lower rates and could fulfill previously booked export orders. Manufactures said that demand for brass rods from the domestic sector is rising driven by rise in demand for ventilators and auto components used in BS-VI vehicles.
Copper prices on LME three-month copper contract rose by $402/mt to settle at $6,491/mt on July 14 from $6,089/mt on July 7.
The weekly Davis Index for Honey brass domestic origin (Vilayati) settled at Rs300,000/mt del Jamnagar consumer, up by Rs18,000/mt($239.51/mt) from the prior week in line with the rise in the three-month copper contract on LME.
The weekly Davis Index for imported Honey brass settled at Rs304,000/mt del Delhi consumer, up by Rs3,000/mt($39.91/mt) from the prior week, in line with the rise in the three-month copper contract on LME.
The weekly Davis Index for Honey domestic origin (Purja) settled at Rs294,000/mt del Delhi consumer, up by Rs 3,000/mt ($39.91/mt). Limited trades were reported.
Davis Index heard trades for imported Honey brass at Rs320,000/mt del Delhi consumer and for Honey domestic origin (Purja) Rs310,00mt del Delhi consumer. Traders, however, did not confirm the trades at this rate and shared that the demand has dropped from the prior week.
($1= Rs75.15)