US weekly brass scrap spreads were rangebound and prices varied on Friday due to regional fluctuations in demand and long delivery times.
Comex spot copper contract closed at $3.395/lb up 4.5¢/lb from Aug 6 while the spot LME zinc official cash contract climbed by $1/mt to $3,007/mt over the same period.
The weekly Davis Index for C-200 series alloy’s copper spread widened by 0.5¢/lb to 13.2¢/lb under the Comex copper spot contract, while the C-200 series zinc spread, widened by 0.3¢/lb to 6.3¢/lb under the LME zinc cash contract.
Brass prices remained unchanged or climbed depending on region and demand for the grade. The weekly Davis Index for 360-rod borings increased by 2.8¢/lb to $3.057/lb delivered US consumer. Brass radiators remained unchanged at $2.515/lb delivered, while red brass solids inched up by 0.2¢/lb to $3.295/lb delivered. Some deals for Red brass 85:15 were heard a cent higher than the indexed price of $3.44/lb up 1.6¢/lb from the previous week.
Delivery times continue to remain an issue for most buyers who have no choice but to wait. Scrapyards, on the other hand, may hold on to their inventories if the current trend continues in the hopes of some change in demand. Still, the brass trade remains active. Participants also remain optimistic about the long-term impact of the infrastructure bill that was passed by the Senate this week and expect the demand for brass and copper scrap to increase exponentially due to this spending.