The Davis price index for imported honey scrap saw an increase, driven by a rise in demand from manufacturers exporting billets to China, coupled with slower imports due to the holiday season in Western markets.
Honey scrap prices rose by Rs10,599/mt to Rs315,000/mt, delivered Delhi consumer; and by Rs4,944 to Rs307,000/mt, delivered Jamnagar consumer.
The Davis weekly price index for domestic brass scrap increased by Rs24,000/mt to Rs322,000/mt, delivered Delhi consumer, and by Rs5,000 to Rs297,000 delivered Jamnagar consumer, from Dec 25.
Billet manufacturers in Jamnagar have confirmed export orders to China upto March 2020. At least 2,000/mt of free cutting billets are expected to be shipped to China.
Speaking of the shortage of honey and domestic scrap in Jamnagar, an alloy manufacturer said that manufacturers are willing to pay between Rs1,000/mt-Rs2,000/mt extra, to ensure supply.
Brass billets with 57pc copper remained unchanged from last week and are at $4150/mt.
The three-month official LME copper price increased by $44/mt to $6,215/mt, from the prior Monday.
($1=Rs71.28)