Delhi’s weekly domestic brass scrap prices rose by Rs7,000-10,000/mt ($98-140/mt) from a week ago, driven in part by the state election results declared on Tuesday.
India’s imported Honey brass prices also rose in line with the US and the UK supplier prices, causing domestic brass scrap prices to also increase.
Indian brass manufacturers found it difficult to match overseas seller prices as suppliers refused to cut prices citing strong demand from other countries. An Indian brass manufacturer, however, booked 50mt Honey from a US trader at Rs292,000/mt as stock for the month, to fulfill China’s brass billet orders.
The weekly Davis index for imported Honey brass settled at Rs309,000/mt ($4331.72/mt), del Delhi consumer, Wednesday up by Rs7,000/mt from a week ago.
Domestic demand for finished brass products remained flat.
The weekly Index for domestic origin brass scrap, or Purja, settled at Rs300,000/mt del Delhi consumer, Wednesday, up by Rs9,750/mt from the prior week.
The Davis index for imported Honey settled at Rs291,667/mt del Jamnagar consumer, up by Rs667/mt on a $48/mt increase in the three-month official LME copper contract from a week ago.
The three-month official LME zinc contract, however, dropped by $62/mt from a week ago.
The Index for domestic-origin brass scrap or Vilayati settled at Rs282,000/mt del Jamnagar consumer, Wednesday, up by Rs2,000/mt, as buyers and traders in Jamnagar raised prices in line with Delhi market rates.
Indian brass producers are hopeful on resumed bookings for brass billets from China, after a two-week break and the containers carrying imported brass scrap lined up at Mundra port clearing up and buyers being able to pick up deliveries.
($1=71.33)