The weekly indexes for most brass scrap grades remained either unchanged or marginally increased as the three-month LME copper contract increased. Market participants in Delhi reported sluggish demand for brass scrap while those in Jamnagar reported slow but steady demand from automobile and power sector.
The weekly Davis Index for imported Honey brass Wednesday rose by Rs1,000/mt ($13.59/mt) to settle at Rs314,000/mt del Delhi consumer and rose by Rs375/mt to Rs322,375/mt del Jamnagar consumer.
The weekly Davis Index for Honey domestic origin (Purja) del Delhi consumer settled unchanged at Rs302,000/mt .
The weekly Davis Index for Honey domestic origin (Vilayati) del Jamnagar consumer settled at Rs305,750/mt, down by Rs250/mt($3.39/mt).
The three-month LME Copper contract settled at $6,800.5/mt, down by$64.5/mt from $6,736/mt prior Tuesday, i.e. September 8
Offers for imported honey were heard at $4,100/mt cfr India port for US-origin scrap up from $4,075-4,108/mt cfr India port from the prior week. Market participants shared that imported honey of UK-origin is available at $3,950/mt cfr India port. As the Indian Rupee remained unchanged from the earlier week, traders’ import scrap purchase rates too remained flat.
($1= Rs73.54)