Asia’s copper scrap import trades were thin in the past week as buyers found it difficult to match higher offers from sellers.
The weekly Davis Index for imported Elmo settled at $685/mt cfr India port, Thursday, up by $5/mt, fuelled by a $10/mt rise in global ferrous scrap prices from a week ago. Motor scrap buyers were unwilling to match offers in the range of $700-720/mt. Sellers refused to decrease prices despite a fall in the official three-month LME copper contract for a fifth consecutive session.
The weekly Davis Index for imported Elmo settled at $673/mt cfr Pakistan port, Thursday, down by $15/mt. Copper manufacturers received higher realisation for their products in the domestic market than seaborne markets.
The weekly Davis Index for imported Berry settled at $5,536/mt cfr India port, Thursday down by $104/mt, while the Index for Berry/Candy settled at $5,414/mt cfr India port, down by $96/mt. The weekly Davis Index for Birch/Cliff settled at $4,963/mt cfr India port, down by $85/mt on a $106.5/mt drop in the official three-month LME copper contract from a week ago.
Bookings for brass billets from China picked up in the week. Indian manufacturers, thus, ramped up their production driving the demand for brass scrap up. The weekly Davis Index for Honey brass settled at $3,700/mt, cfr India port Thursday, up by $19/mt and the weekly index for brass billets settled at $3,975/mt cif China port, up by $25/mt. Some Indian brass scrap buyers are facing difficulties due to a delay in delivery. A Jamnagar-based trader received brass scrap containers after 40 days, double than the usual delivery time.
The official three-month LME copper contract settled at $5,639.5/mt, Wednesday down by 1.9pc from a week ago.