The weekly indexes for the domestic brass scrap grade in Delhi and Jamnagar dropped due to drop in the three-month LME copper contract. Market participants reported weakness in the demand in the North while participants in Jamnagar reported improvement in the demand compared to last week. Earlier, the importers had held back imports due to rise in the LME three-month copper contract in the past few months. Slower imports had led to a shortage of scrap in the domestic market.
The LME three-month copper contract settled at $7,747.5/mt on Tuesday, down by $214/mt since Jan 26. Market participants in Jamnagar also got new enquires from China.
Chinese bids for brass billets were at $4,850/mt cfr China, down by $100/mt from the prior week. Jamnagar exports 2,000mt of brass ingots to China per month.
The weekly Davis Index for imported Honey brass settled at Rs358,000/mt del Delhi consumer, down by Rs7,000/mt ($95.94/mt), while in Jamnagar, the weekly index settled at Rs366,667/mt del consumer, down by Rs4,583/mt.
The weekly index for Honey domestic origin (Purja) dropped to Rs345,000/mt del Delhi consumer by Rs7,000/mt.
The weekly index for Honey domestic origin (Vilayati) dropped by Rs7,917/mt to Rs353,333/mt del Jamnagar consumer.