The Davis Index for imported Honey brass settled at Rs290,000/mt del Jamnagar consumer, down by Rs3,000/mt($39.65/mt) from the prior week. Despite a rise in the three-month LME copper contract, persisting low demand from alloy manufacturers weighed down prices. Copper prices on LME three-month copper contract rose by $121.5/mt to settle at $5,909/mt from $5,787.5/mt on June 16.
Bids from alloy makers were said to be at Rs289,000/mt del consumer, but traders did not confirm these prices. A few alloy manufacturers were forced to scale down production due to a rise in the COVID-19 cases.
The weekly Davis Index for Honey brass domestic origin (Vilayati) settled at Rs277,550/mt del Jamnagar consumer, down by Rs2,500/mt ($33.04/mt).
In seaborne trades, imported Honey brass scrap trades were int the range of $3,350 – $3,750/mt del India depending upon the origin of the scrap. Trades of Honey imported scrap of US- origin were at $3,750/mt, up by $50/mt from the prior week.
Brass billet export prices from India were heard at $3,800- 3,850/mt cfr China, up from $3,650/ in the prior week. Secondary brass manufacturers reported only 10-15pc of the usual demand in the domestic downstream industries.
The Davis Index for imported Honey brass settled at Rs295,000/mt del Delhi consumer, up by Rs13,000/mt($171.82/mt) from the prior week in line with a rise in the three-month copper contract on LME.
The weekly Davis Index for Honey domestic origin (Purja) settled at Rs283,000/mt del Delhi consumer, up by Rs11,000/mt ($145.39/mt) Delhi. Only a few trades were reported as manufacturers are taking a cautious approach.