The weekly Davis Index for imported Honey brass, Wednesday, settled at Rs447,000/mt del Delhi consumer, up by Rs4,000/mt ($53.92/mt) while in Jamnagar, the index settled at Rs455,500/mt del Jamnagar consumer, up by Rs5,500/mt ($74.14/mt).
The weekly indexes for the brass scrap in Delhi gained $53.92-74.14/mt, depending on the grade, as traders refused to lower offers despite a drop in the three-month copper contract on LME last week. In Jamnagar, prices for brass scrap rose in the range of $67.42-157.31/mt. Trading has picked up as Chinese buyers are actively bidding for brass billets.
Market participants in Delhi too reported improved demand. Traders resisted lowering offers as demand picks up.
Chinese bids for brass billets are increasing. Manufacturers are offering brass billets at 60pc of the three-month LME copper, with bids at 59.25pc cfr China port. Asking prices for imported brass scrap from the US were at around 62pc of LME copper three-month contract, up from 61.5pc last week.
Domestic units have ramped up production driven by the improvement in the demand from China.
The three-month LME copper dropped by $120/mt to settle at $9,608.5/mt on August 3 from the prior week. Earlier, the three Month LME copper contract surged by $484/mt to settle at $9,728.5/mt on July 27 from July 20.
The weekly Davis Index for Honey domestic origin (Purja) settled at Rs430,000/mt, up by Rs5,000 ($67.42/mt) del Delhi consumer. The weekly index for Honey domestic origin (Vilayati) del Jamnagar consumer settled at Rs439,167/mt del Jamnagar consumer up by Rs11,667/mt ($157.31/mt)