The Davis Index for imported Honey brass settled at Rs293,000/mt del Jamnagar consumer, down by Rs3,000/mt($39.39/mt) from the prior week despite a rise in the three-month LME copper contract. Prices fell due to weak demand from billet manufacturers who scaled-down production. Chinese buyers have further reduced prices of brass billets.
Copper prices on LME three-month copper contract rose by $83.5/mt to settle at $5,787.5/mt on June 16 from $5,704/mt on June 9.
The weekly Davis Index for Honey brass domestic origin (Vilayati) settled at Rs280,000/mt del Jamnagar consumer, down by Rs5,375/mt($70.58/mt) from the prior week.
In seaborne trades, Davis Index heard prices of UK-origin Honey brass scrap at $3,600/mt cfr India with 60pc copper, down by $100/mt from the prior week. Honey imported scrap of US- origin was at $3,700/mt, down by $100/mt from the prior week.
Brass billet export exports were heard at $3,650/mt down from 3,725-3,770/mt, in the prior week. Secondary brass manufacturers reported only 10pc demand from domestic downstream industries due to a rise in the COVID-19 cases in several places in India, forcing the local governments to announce local lockdowns.
The weekly Davis Index for imported Honey brass settled at Rs282,000/mt del Delhi consumer, down by Rs6,000/mt from the prior week.
The weekly Davis Index for Honey domestic origin (Purja) settled at Rs272,000/mt del Delhi consumer, down by Rs4,000/mt. Delhi traders reported no trades in last three-four days. Though offers are high, manufacturers are striking deals at lower rates.