India’s imported copper scrap prices dropped by $115-130/mt in sync with $131/mt drop in three-month LME copper contracts from a week ago. Imported copper scrap prices in India fell on weak domestic demand coupled with lower demand for copper ingots from China-based firm after they aggressively booked shipments ahead of Lunar New Year holidays last week.
The Davis Index for Berry dropped by $129/mt to settle at $6,047/mt cfr India Thursday, while Berry Candy dropped by $126/mt to settle at $5,862/mt cfr India. The Davis index for Birch cliff also dropped by $115/mt to settle at $5,5371/mt cfr India, on low demand.
Imported Motor scrap prices into India and Pakistan dropped by $6-16/mt, but buyers were still unable to match offer prices. Copper producers expect Motor prices to drop following the downtrend in LME copper along with a $10/mt fall in global ferrous scrap prices. Prices fell after Turkey stopped buying ferrous scrap amid lower demand for rebar from the Asian market ahead of New Year holidays.
The index for imported motors settled at $678/mt cfr India Thursday, down from $694/mt a week ago, while the Davis Index for imported motors settled at $698/mt cfr Pakistan, down from $704/mt from a week ago.
The Davis Index for yellow brass cfr India Thursday dropped by $50/mt to settle at $3,700 from a week ago, on a $131/mt drop in official three-month LME copper contracts, despite a $77/mt increase in three-month LME zinc prices. The three-month official LME copper price settled at $6,139/mt Wednesday, 2pc down from $6,270/mt from a week ago.