The weekly Davis Index for imported Honey brass settled at Rs308,000/mt del Delhi consumer, up by Rs9,000/mt ($122.88/mt) as Shahdara market in the city reopened for business after facing a brief disruption due to mob violence last week.
The weekly Davis Index for Honey domestic origin (Purja) settled at Rs299,000/mt del Delhi, up by Rs9,000/mt ($122.88), on continued demand from brass finished product manufacturers. Imported scrap prices rose as India’s currency depreciated against the US dollar. Indian rupee stood at Rs73.43 against US$1 on Tuesday, from Rs71.88 a week ago.
In Jamnagar, the weekly Davis Index for imported Honey brass settled at Rs293,333/mt del Jamnagar consumer, up by Rs2,666/mt from a week ago as supply of brass scrap dipped in the market. Additionally, brass billet exports to China have resumed and producers have ramped up their production, giving brass scrap demand a lift. Producers confirmed brass billet trades at $3,900-$3,920/mt.
The rise in prices was also driven by an increase in the three-month official copper contract on LME. The three-month LME copper contract rose by $2/mt to $5,689/mt on Feb 3 from the prior week. Earlier, LME copper slid by $92/mt to $5,597/mt on Feb 28, from Feb 25.
The index of Honey domestic origin (Vilayati) settled at Rs285,000/mt del Jamnagar consumer, up by Rs4,000/mt from a week ago.
Importers faced supply disruption particularly from the US and UK as container and vessel unavailability continued as Covid-19 spread globally. Prices of brass scrap are likely to increase further if this shortage persists.