The weekly indexes for the domestic brass scrap grades dropped in Delhi and Jamnagar in sync with the marginal drop in the three-month LME copper contract. The LME three-month copper contract dropped to $6,801/mt down by 6.5/mt from $6,807.5/mt prior Tuesday.
The market participants reported that there was sustained demand in Jamnagar but it was slow in Delhi from the domestic sector. Despite several inquiries from China for brass billet exports, no deals were confirmed as Chinese counterparts refused to revise their offers above 4,150/mt cfr China level. The manufactures quoted higher prices, but no deals were confirmed at these levels.
The weekly Davis Index for imported Honey brass on Wednesday settled at Rs313,000/mt del Delhi consumer, down by Rs2,000/mt($26.75/mt). The weekly Davis Index for Honey domestic origin (Purja) del Delhi consumer settled at Rs302,000/mt, down by Rs1,000/mt. Traders in Delhi reported only a few trades in the last couple of days due to slow demand.
The weekly Davis Index for Honey domestic origin (Vilayati) and imported Honey, del Jamnagar consumer dropped by Rs 500 eachh to settle at settled Rs309,500/mt, and Rs323,750/mt, respectively.
($1=Rs74.74)