The weekly indexes for most of the domestic brass scrap grades gained in Delhi and Jamnagar despite a drop of $218/mt in the three-month LME copper contract. The three-month contract settled at $8,795/mt on March 30 from $9,013/mt on March 23. Due to scarcity of scrap and low liquidity in the market, the offers rose in Delhi and Jamnagar.
Demand continues to be subdued in Jamnagar and North India. Imports remain slow. The participants continued to report unavailability of cleaner imported scrap material because of the lockdowns in US and the UK due to COVID -19 pandemic while domestically available scrap with greater percentage of attachment was easily available.
Jamnagar witnessed slow trades with domestic buyers as well as Chinese bidders.
Chinese bids for brass billets were at $5,300-5,400/mt from $5,375-5,500/mt cfr China port. Jamnagar exports 2,000mt of brass ingots to China per month. The exporters of brass billets noted that bids are slow.
The weekly Davis Index for imported Honey brass settled Rs391,500/mt del Delhi consumer prior week, up by Rs10,500/mt ($143.44/mt) while in Jamnagar, it settled at Rs407,500/mt del consumer, down by Rs2,500/mt($34.15/mt).
The weekly Davis Index for Honey domestic origin (Purja) settled at Rs376,500/mt del Delhi consumer, up by Rs8,000 ($109.30/mt) from prior week. The weekly Davis Index for Honey domestic origin (Vilayati) del Jamnagar consumer settled at Rs383,500/mt, up by Rs8,500/mt ($116.13/mt).