US weekly brass scrap spreads widened as Comex copper strengthened to its highest point so far this year.
The weekly Davis Index for C-200 series alloy’s copper spread widened by 1¢/lb to 13¢/lb under the Comex copper spot contract. The C-200 series zinc spread widened by 0.6¢/lb to 6.3¢/lb, under the LME zinc cash contract.
Scrap flows to US brass mills, as well as deliveries from them, were significantly affected this week due to the extreme winter weather across the US. That said, participants expect renewed market activity next week as some buyers plan to re-enter the market to purchase volumes for March and April.
Prices for some brass scrap grades surged due to the strong Comex copper market over the past week. The weekly Davis Index for 360-rod borings increased by 14¢/lb to $2.76/lb delivered US consumer. Brass radiators inched up by 0.3¢/lb to $2.03/lb delivered during the week.
The Comex spot copper contract settled at $3.836/lb on Friday, up by 3.4¢/lb from a week ago and slightly below its highest price this year of $3.846/lb achieved earlier this week. The spot LME zinc official contract rose by $70.50/mt from Feb 12 to close at $2,864/mt on Friday.