The Davis Index for brass scrap moved up or down depending on grade in a volatile market that saw the Comex market reach close to its highest point of the year.
The weekly Davis Index for 360-rod borings decreased by 15.5¢/lb to $2.423/lb delivered US consumers and rose by 2.3¢/lb for brass radiators to $2.05/lb delivered on Friday.
The weekly Davis Index for the C-200 series alloy copper spread weakened by 1.6¢/lb to 14.3¢/lb under the Comex spot contract. Simultaneously, the C-200 series zinc spread tightened by 1.3¢/lb to 5.5¢/lb under the LME zinc cash contract.
The Comex spot copper contract increased by 3.2¢/lb to $3.64/lb from its close on Jan 15, while the spot LME zinc official contract increased by $15.50/mt from Jan 15 to close at $2,693/mt.
Suppliers are looking for more volumes to sell in anticipation of the Chinese export market opening up. Due to this, the brass market has seen wide swings in pricing this past week. In the domestic market, ammunition sales continue to drive pricing with market participants expecting this demand to strengthen over the next few weeks. However, some market participants believe that it will be the export market that could drive prices up or down, at least in the first half of the year, as China actively resumes buying non-ferrous scrap.