The weekly indexes for most domestic brass scrap grades lowered in Jamnagar and Delhi on the back of the weak demand. The scrap yard owners in Europe offered discounts to Indian importers to clear their books before the year-end despite the rise in the LME three-month copper contract from the prior week.
Market participants, on the other hand, are delaying their decision to purchase scrap as they do not want to lose money if copper prices come off at the beginning of the new year.
The LME three-month copper contract rose to $7,775.5/mt on Dec15, up by $128/mt. Davis Index heard trades of imported Honey at $4,250/mt cfr India from Europe, $4,350/mt from Gulf, and $4,432/mt and $4,800/mt cfr India from the US.
Davis Index heard Chinese bids at $4,820/mt cfr China, up by $70/mt from prior week. Jamnagar manufacturers continue to export approximately 2,000mt of brass ingots to China per month.
The weekly Davis Index for imported Honey brass Wednesday settled at Rs334,000/mt del Delhi consumer, down by Rs1,000/mt ($13.59/mt). The weekly Davis Index for Honey domestic origin (Purja) del Delhi consumer settled at Rs323,000/mt del Delhi consumer, down by Rs1,000/mt. Traders in Delhi reported drop in trades.
In Jamnagar, the weekly Davis Index for Honey domestic origin (Vilayati) settled at Rs334,333/mt del consumer, up by Rs5,667/mt while the weekly Index for imported Honey settled at Rs349,333/mt del consumer, down by Rs667/mt.