The weekly Davis Index for imported Honey brass was flat at Rs296,000/mt ($3,898.51/mt) del Delhi consumer on Wednesday, as no trades were confirmed in the domestic brass scrap market. The Indian government has imposed a complete nation-wide lockdown until April 14 to control the spread of COVID-19.
The weekly Davis Index for Honey domestic origin (Purja) settled at Rs287,000/mt del Delhi consumer, flat from the last two weeks. Local authorities are finding it difficult to allow the smooth passage of goods through various state borders despite the central government’s instruction to allow transportation of non-essential goods. Traders are unable to transport the material unloaded at ports to warehouses.
Brass billet manufacturers lack clarity on whether Chinese buyers will agree to a delayed delivery of brass billets because of the lockdown in India. Manufacturers hope to negotiate deals with Taiwanese buyers interested in importing billets from India before the lockdown.
In Jamnagar, the weekly Davis Index for imported Honey brass settled at Rs290,000/mt. The weekly Davis Index for Honey domestic origin (Vilayati) settled at Rs275,000/mt del Jamnagar consumer, unchanged from last week.
The three-month LME copper contract inched up by $11/mt to $4811.5/mt on March 31 from the prior week.
($1= Rs75.92)