The weekly indexes for most domestic brass scrap grades dropped in India due to sluggish demand, expect for imported del Jamnagar.
Market participants shared that imports have lowered due to issues related to container availability. Most of the scrap yards have stopped their operations due to New Year holidays and will resume bookings on Jan 4.
The LME three-month copper contract rose to $7,854/mt on Dec 29, up by $77/mt from $7,777/mt on Dec 22.
Davis Index heard Chinese bids at $4,850/mt cfr China for brass billets, down from 4,950/mt cfr China prior week. Jamnagar manufacturers continue to export approximately 2,000mt of brass ingots to China per month.
The weekly Davis Index for imported Honey brass Wednesday settled at Rs333,500/mt, down by Rs2,500/mt ($34.14/mt) from Rs336,000/mt del Delhi consumer. In Jamnagar, the weekly Index for imported Honey settled at Rs352,000/mt del consumer, up by Rs1,250/mt.
The weekly Index for Honey domestic origin (Purja) del Delhi consumer settled at Rs318,500/mt, down by Rs7,500/mt. Traders in Delhi reported a drop in trades on weak domestic demand as secondary manufacturers are restricting new purchases hoping for LME copper to come down and lower scrap prices.
The weekly Davis Index for Honey domestic origin (Vilayati) settled at Rs335,000/mt del Jamnagar consumer, down by Rs333/mt.
($1= Rs73.22)