US weekly brass scrap spreads widened on Friday on ample supply and a slight decline in Comex copper prices.
The weekly Davis Index for C-200 series alloy’s copper spread widened by 0.7¢/lb to 13.7¢/lb under the Comex copper spot contract. The C-200 series zinc spread, also widened by 0.2 to 7.2¢/lb under the LME zinc cash contract.
Supply in the copper and brass scrap market increased after Comex copper hit $4.15/lb earlier this month. Many exporters have been unable to ship ready loads of copper and brass scrap due to the container shortage and congestion at ports, thereby adding to domestic flows. Still, volumes for some brass grades have remained limited.
Brass scrap prices varied depending on the grade’s availability. The weekly Davis Index for 360-rod borings fell by 2.7¢/lb to $2.87/lb delivered US consumer and brass radiators declined by 7.5¢/lb to $2.09/lb delivered amid abundant supply. The index for Red Brass 85:15, on the other hand, moved up by 7.4¢/lb to $3.179/lb delivered.
The Comex spot copper contract settled at $4.124/lb on Friday, down by 1.9¢/lb from a week ago. The spot LME zinc official contract declined by $10/mt from Mar 12 to close at $2,787.50/mt on Friday.