The weekly Davis Index for imported Honey brass settled at Rs285,000/mt del Jamnagar consumer up by Rs5,000/mt ($66.25/mt) in line with the increase in the three-month LME copper contract. The three-month LME copper contract rose by $121.5/mt to settle at $5,463/mt on June 2, from the prior Tuesday.
The weekly Davis Index for Honey brass domestic origin (Vilayati) settled at Rs275,000/mt del Jamnagar consumer. In seaborne trades, Davis Index heard prices of UK-origin at $3,225-3,400/mt cfr India with Cu 60pc, up by $100/mt from $3,300/mt cfr India, last week. Honey imported scrap US origin remained unchanged at $3,550-3,650/mt cfr India from the last week.
Brass billet exports were heard at $3,725-3,770/mt, unchanged from the last week.
With slow domestic demand, Jamnagar manufacturers preferred to export brass billets (Cu 57pc) to China even when the margins were lower. As the scrap prices are climbing up, manufacturers are taking a wait-and-watch mode and are rather waiting for the revival of domestic demand as Chinese buyers are refusing to revise brass billet prices. Indian manufacturers feel that Chinese buyers have stocked up scrap while taking advantage of the absence of Indian manufacturers in the market due to the COVID-19 pandemic. With the improved availability of scrap in China, the brass billet importers are reluctant to revise prices offered to Indian manufacturers.
The weekly Davis Index for imported Honey brass settled at Rs286,000/mt del Delhi consumer, up by Rs5,000/mt from the prior week.
The index for Honey domestic origin (Purja) settled at Rs274,000/mt del Delhi consumer, up by Rs5,500/mt($72.88/mt) in line with the increase in LME three-month copper contract from the last week. Many manufacturers in Delhi are located in containment zone and are unable to resume function which has affected scrap demand.
($1=Rs75.44)