The weekly Davis Index for imported Honey brass settled at Rs304,500/mt del Delhi consumer, Wednesday, down by Rs4,500/mt ($62.94/mt) amid weak demand. Manufacturers of brass ingots and billets faced cash crunch and stayed away from bookings. The weekly Davis Index for Honey domestic origin (Puja) scrap settled at Rs296,000/mt del Delhi consumer, down by Rs4,000/mt.
On Feb 12, Delhi brass market had reacted positively to the state election results and prices of domestic brass scrap rose by Rs7,000-10,000/mt. Trading, however, thinned subsequently.
In Jamnagar, the weekly Davis Index for Honey domestic origin (Vilayati) rose by Rs1,000/mt to settled at Rs283,000/mt on continued demand from brass billet and ingot manufacturers catering to domestic and export markets. Brass billet export trades were confirmed at $3950/mt cfr China.
While China remained locked down to contain the spread of coronavirus, Indian ingots and billet manufacturers were negotiating deals with their Chinese counterparts, who were operating from their homes. Bookings in that period, however, were limited. Indian producers now expect Chinese markets to reopen on Feb 24 and give trades a push.
The weekly Davis Index for Honey imported delivered Jamnagar consumer settled at Rs292,500/mt, up by Rs833 on continued demand in the domestic sanitary ware and real estate sectors.