The weekly Davis Index for Honey domestic origin (Vilayati) dropped by Rs11,000 ($147.94/mt) and settled at Rs275,000/mt del Jamnagar on lower demand from downstream manufacturers. Brass scrap prices dropped in line with a significant drop in three-month official LME copper contract. LME copper contract dropped by $390.5/mt to $5,218/mt on March 17 from the prior week.
The index for imported Honey dropped by Rs6,000/mt ($80.70/mt) and settled at Rs290,000/mt del Jamnagar consumer. Trades were thin as market participants adopted wait-and-watch approach and anticipated scrap import rates to fall further.
The weekly Davis Index for Honey domestic origin (Purja) settled at Rs287,000/mt del Delhi on weak demand from brass manufacturers which has created a glut in north India.
In Jamnagar, the weekly Davis Index for imported Honey settled at Rs296,000/mt del Delhi consumer, down by Rs6,000 driven by lower demand from brass billet and ingot manufacturers.
Market Update
The exporters of brass billets want markets to stabilise before negotiating new rates with Chinese buyers. Earlier in the week, a deal was closed at $4,000-4,020/mt cfr China.
($1=Rs74.37)