The weekly Davis Indexes for most of the domestic brass scrap grades rose in for Delhi and Jamnagar consumers in sync with the spike in the three-month LME copper contract from the prior week.
The LME three-month copper contract rose to $6,836.5/mt on Oct 20, up by $131/mt from $6,705.5/mt prior Tuesday. The market participants reported strong demand in Jamnagar but sluggish domestic demand in Delhi.
The weekly Davis Index for imported Honey brass Wednesday settled at Rs320,000/mt del Delhi consumer, up by Rs10,000/mt($135.80/mt). The weekly Davis Index for Honey domestic origin (Purja) del Delhi consumer settled unchanged at Rs298,000/mt.
The weekly Davis Index for Honey domestic origin (Vilayati) del Jamnagar consumer settled at Rs309,200/mt del Jamnagar consumer, up by Rs6,533/mt.
The weekly Davis Index for imported Honey settled at Rs321,750/mt, up by Rs3,417/mt from Rs318,333/mt del Jamnagar consumer.
Market participants reported sustained demand for the scrap. Manufacturers exporting billets to China reported rise in new enquiries from Chinese manufacturers. Davis Index heard offers at $4,150-4,250/mt for brass billets.