The weekly indexes for most brass scrap grades dropped amid availability of lower-priced imported Gulf-origin honey scrap. The weekly Davis Index for imported Honey brass Wednesday fell by Rs974/mt ($13.33/mt) to settle at Rs320,276/mt del Jamnagar consumer from the prior week.
Brass scrap prices fell, expect in Delhi, despite a spike in the three-month LME copper contract. The weekly Davis Index for imported Honey brass spiked by Rs10,000/mt ($136.87/mt) to Rs320,000/mt del Delhi consumer from the prior week on the back of a shortage of honey scrap in the region. Traders are able to strike deals at higher prices to gain good margins, said Delhi-based producers.
The three-month LME Copper contract settled at $6,768/mt, Tuesday, up by $243/mt from the prior Tuesday, Aug 25.
Jamnagar manufacturers reported an improvement in demand from domestic downstream industries. Davis Index heard brass billet export deal at $4,100/mt cfr China port. The manufacturers have been avoiding exports over the past couple of week as domestic demand is picking up. The weekly Davis Index for Honey domestic origin (Vilayati) settled at Rs311,000/mt del Jamnagar consumer, down by Rs667/mt($9.13/mt) from the prior week.
The weekly Davis Index for Honey domestic origin (Purja) del Delhi consumer dropped by Rs1,000/mt to settle at Rs306,000/mt Wednesday from the prior week.
Offers for imported US-origin Honey were heard at $4,060/mt cfr India port up from $3,980/mt in the prior week. Trades for Gulf-origin imported Honey were heard at $3,800-3,900/mt cfr India port. Also, as Indian rupee improved against the US dollar by 1.64pc, Indian importers’ purchase prices have lowered from the prior week.