The weekly Davis Index for imported Honey brass settled at Rs299,000/mt del Delhi consumer, down by Rs5,500/mt ($76.74/mt).
A major copper and brass scrap market at Shahdara in Delhi faced logistical disruption amidst mob violence. Trading has come to a standstill in that market since past four days.
The weekly Davis Index for Honey domestic origin (Purja) scrap settled at Rs290,000/mt del Delhi consumer, down by Rs6,000/mt($83.72/mt) from the prior week.
Brass scrap dealers in Delhi market fear that if the present law and order situation persists, it may further weigh down brass and copper scrap prices.
In Jamnagar, the weekly Davis Index for Honey domestic origin (Vilayati) fell by Rs2,000/mt to settle at Rs281,000/mt due to a 7-8pc drop in the demand for brass ingots in the domestic market. Brass billet export orders were confirmed at $3,550-4,000/mt cfr China. Overseas trades have resumed at Ningbo port in China.
The weekly Davis Index for Honey imported settled at Rs290,667/mt del Jamnagar consumer, down by Rs1,833/mt from the prior week.
Davis Index heard trades of honey imported of gulf origin at $3,550- 3600/mt cfr India $50/mt up from the prior week. US- origin scrap was at $3650-3700/mt cfr India, also up by $50/mt. US-based suppliers were unwilling to lower offers amidst supply scarcity.
Importers in Jamnagar, who sell US-origin scrap in Indian markets, thus had to buy imported scrap at higher rates.