The weekly indexes for most brass scrap grades dropped by $180-329/mt in Delhi and Jamnagar, in sync with the drop in the three-month LME copper contract. Demand continues to be weak due to lockdowns in several regions of India. The lockdown in Delhi has halted trades, while in Jamnagar, the only units that are operational are the ones exporting brass billets.
The three-month LME copper contract dropped by $535.5 to $9,961/mt on May 25 from $10,496.5/mt on May 18. In the week before May 18, the three-month LME copper contract dropped by $37/mt.
Demand in North India remained weak as Delhi and the adjoining area as COVID-19 continues to be a cause of concerns among workers and industry participants.
The weekly Davis Index for imported Honey brass, Wednesday, dropped Rs24,000/mt ($329.98/mt) to settle at Rs419,000/mt del Delhi consumer while in Jamnagar, the index settled at Rs445,625/mt del consumer, down by Rs13,125/mt ($180.46/mt).
Participants reported weak demand from domestic industries, except the medical sector. Some downstream manufacturers reported continued demand for brass nozzles used in oxygen cylinders, nuts, sockets, and control valves used in ventilators.
Exporters heard fresh bids from China at $5,900/mt, down from $6,000-6,100/mt cfr China port a week ago.
The weekly Davis Index for Honey domestic origin (Purja) settled at Rs407,000/mt del Delhi consumer, down by Rs18,000 ($247.53/mt).
The weekly Index for Honey domestic origin (Vilayati) del Jamnagar consumer settled at Rs421,115/mt, down by Rs14,375/mt ($197.70/mt).