The weekly indexes for most grades of domestic brass scrap in Delhi and Jamnagar rose due to supply shortage. Imports are slow. The three-month copper contract on LME rose by 15.80pc to settle at $8,160/mt on Jan 8 since Nov 19 and then settled at $,7,992/mt on Jan 19, up by 13.41pc, pushing the import prices up.
Jamnagar witnessed improvement in demand from domestic and Chinese markets.
Chinese bids for brass billets are at $4,915- 4,955/mt, slightly down from $5,010/mt China prior week. Jamnagar manufacturers reported a rise in the Chinese bids for billets since last few weeks. Jamnagar exports 2,000/mt of brass ingots to China per month.
The weekly Davis Index for imported Honey brass Wednesday settled at Rs358,000/mt del Delhi consumer, up by Rs9,000/mt ($123.27/mt) while in Jamnagar, the weekly index settled at Rs362,000/mt del consumer, up by Rs1,250/mt.
In Delhi, the weekly Davis Index for Honey domestic origin (Purja) settled at Rs346,000/mt del consumer, up by Rs10,000/mt while the index for Honey domestic origin (Vilayati) in Jamnagar settled at Rs351,250/mt del consumer, up by Rs5,250/mt.