US weekly brass scrap spreads were rangebound on Friday amid a strengthening Comex copper market.
The Comex spot copper contract soared by 12.2¢/lb from last week to settle at $4.18/lb on Friday. The spot LME zinc official contract increased by $46/mt at $2,853/mt on Friday compared to Apr 9.
The weekly Davis Index for C-200 series alloy’s copper spread widened slightly by 0.1¢/lb to 11.8¢/lb under the Comex copper spot contract. The C-200 series zinc spread, was also rangebound narrowing to 6¢/lb under the LME zinc cash contract, tighter by 0.1¢/lb.
Prices for some brass grades increased amid a strengthening Comex market and limited availability, though some participants remained wary of lifting prices or changing spreads too soon, preferring instead to gauge the market for another week.
Brass scrap exports are also expected to gain momentum as Asian countries like India, look to the US to import the material amid a severe shortage in the domestic market, which could lead to prices firming up over the next few weeks.
The weekly Davis Index for 360-rod borings increased by 1.7¢/lb to $2.93/lb delivered US consumer. Brass radiators continued to climb due to tight supply, rising by 10.5¢/lb to $2.34/lb delivered as more. Limited availability also saw Red Brass solids climbing by 5.2¢/lb to $2.945/lb delivered.