The weekly indexes for most brass scrap grades dropped in line with drop in the three-month LME copper contract.
The weekly Davis Index for imported Honey brass Wednesday dropped by Rs7,000/mt ($95.18/mt) to settle at Rs313,000/mt del Delhi consumer.
The weekly Davis Index for Honey domestic origin (Purja) del Delhi consumer dropped by Rs4,000/mt($54.39/mt) to settle at Rs302,000/mt Wednesday.
The weekly Davis Index for Honey domestic origin (Vilayati) del Jamnagar consumer settled at Rs306,000/mt, down by Rs5,000/mt($67.98/mt).
The three-month LME Copper contract settled at $6,736/mt Tuesday, down by $32/mt from $6,768/mt, prior Tuesday, i.e. September 1.
Market participants in Northern India indicated subdued demand for scrap and reported supplying imported honey scrap to manufacturers in Jamnagar. Brass downstream manufacturers in Jamnagar reported sustained domestic demand and few exports from China.
Due to sustained domestic demand, the weekly Davis Index for imported Honey brass Wednesday rose by Rs1,724/mt to settle at Rs322,000/mt del Jamnagar consumer.
Davis Index heard export of brass billets at $4,150/mt cfr China port up by $50/mt from the prior week. The manufacturers having scrap inventories purchased at lower rates are considering the option of exporting it.
Offers for imported honey were heard at $4,075-4,108/mt cfr India port for US-origin scrap from $4,060/mt from the prior week. Market participants shared that imported honey of UK-origin is available at $3,839-3,906/mt cfr India port. As Indian rupee improved against USD by 1.64pc, Indian traders import scrap purchase rates dropped from the prior week.