Prices for most domestic brass scrap grades in Delhi and Jamnagar were under pressure despite a $37.5/mt gain in the three-month LME copper contract from the prior week. Last week there was volatility in the LME three-month copper contract. The contract gained 4.35pc to settle at $9,562.5/mt on Feb 25 before falling to $9,163.5/mt on March 2.
Importers had held back purchases as prices have increased by $763/mt in a month in sync with the LME three-month copper contract.
The LME three-month copper contract rose to $9,163.5/mt on March 2 from $9,126/mt on Feb 24, up by $37.5/mt. Trading remains slow in both, the domestic and Chinese markets.
Davis Index heard few Chinese bids for brass billets at $5,500/mt cfr China port, up from $5,350/mt cfr China in the prior week. Jamnagar exports around 2,000/mt of brass ingots to China every month. Brass billet exporters stated these bid levels, however, are unviable give then the firm imported scrap prices amid a 4.35pc gain in the three-month LME copper contract.
The weekly Davis Index for imported Honey brass, Wednesday, settled unchanged at Rs410,000/mt del Delhi. The weekly Davis Index for imported Honey settled at Rs421,000/mt, down from Rs430,167/mt del Jamnagar consumer.
The weekly Davis Index for Honey domestic origin (Purja) settled at Rs397,000/mt delivered Jamnagar consumer, up by Rs1,000/mt. The weekly Davis Index for Honey domestic origin (Vilayati)del Jamnagar consumer settled at Rs405,000/mt, down from Rs415,000/mt del Jamnagar.