The weekly Davis Index for imported Honey brass, Wednesday, settled at Rs443,000/mt del Delhi consumer, up by Rs17,500/mt ($235.31/mt) while in Jamnagar, the index settled at Rs450,000/mt del Jamnagar consumer, up by Rs9,167/mt ($123.25/mt).
The weekly indexes for the brass scrap in Delhi gained by $208.41-235.31/mt, depending on the grade, as traders advanced offers amid a spike in the three-month copper contract on LME last week. In Jamnagar, prices for brass scrap rose in the range of $123.25-161.35/mt. Trading thinned driven by the surge in the import prices fuelled by the rise in the three-month copper contract on LME.
Market participants in Delhi reported a slower demand. Traders in North India are trying to boost sales by lowering prices to avoid losses, fearing a decline in scrap amid low demand.
Chinese bids for brass billets were very few, with manufacturers’ offers at 60pc of the three-month LME copper contract. Only some deals were reported in China. Asking prices for imported brass scrap were at around 61.5pc of the three-month LME copper for material from the US.
Domestic units are running at partial production capacity due to weak demand from downstream industries.
The three-month LME copper contract surged by $484/mt to settle at $9,728.5/mt on July 27 from July 20. In the preceding week, the three-month LME copper contract dropped by $100.5/mt to $9,244.5/mt on July 20 from July 13.
Traders in North India reported sustained demand for imported
scrap, while Jamnagar buyers were largely away from imports on weak demand and the depreciation of the Indian currency against the US$.
The weekly Davis Index for Honey domestic origin (Purja) settled at Rs425,000/mt, up by Rs15,500 ($208.41/mt) del Delhi consumer. The weekly Index for Honey domestic origin (Vilayati) del Jamnagar consumer settled at Rs427,500/mt del Jamnagar consumer up by Rs12,000/mt ($161.35/mt).