The weekly Davis Index for imported Honey brass scrap settled at Rs305,000/mt del Delhi consumer, down by Rs8,000/mt ($112.37/mt) from a week ago. The index for domestic origin brass scrap, known as Purja in Delhi, settled at Rs292,000/mt del Delhi consumer, down by Rs11,000/mt from the prior week.
Chinese buyers are unable to confirm orders for brass billets and ingots before Feb 17 as mills in China are shut down due to the Coronavirus outbreak.
The Davis Index for Imported Honey settled at Rs295,000/mt del Jamnagar consumer, down by Rs5,000/mt from a week ago. The three-month official LME copper contract dropped by $440/mt to$5,746/mt from a week ago. The three-month official LME Zinc contract dropped by $182/mt to$2,268/mt from a week ago.
Scrap trades in Jamnagar fell by 60pc from the prior week as brass ingot and billet manufacturers shirked away from buying amid sluggish demand in the downstream industries.
The index for domestic-origin brass scrap, known as Vilayati in Jamnagar, settled at Rs288,00/mt del Jamnagar consumer, down by Rs3,000/mt, on weak domestic demand in the auto, real estate, engineering and the sanitaryware sectors.
With inventories lying in yards due to weak demand, traders are reluctant to book new scrap orders despite decline in import prices of Honey by $50-$100/mt from the prior week.