The weekly Davis Index for imported Honey brass, Wednesday, rose by Rs8,000/mt ($106.92/mt) to settle Rs323,000/mt del Jamnagar consumer. Prices rose driven by the spike in imported scrap. Trades dipped in Jamnagar due to soaring prices for the past two weeks.
The three-month official copper contract rose by $125.5/mt to $6,486.5/mt on Aug 18, from $,6,361/mt on Aug 11.
Alloy manufacturers continued to stay away from exports amid an increase in the input cost. Davis Index heard offers for brass billets at $4,080 -4,100/mt cfr China, but buyers refused to meet these price levels. Offers for imported honey brass of US-origin were heard at $4,021/mt cfr India, up from $4,050/mt from the prior week.
The weekly Davis Index for Honey brass domestic origin rose by Rs8,500/mt ($113.61/mt) to settle at Rs313,500/mt del Jamnagar consumer in line with the jump in the three-month LME copper contract.
Few brass scrap trades were reported in Delhi this week. The weekly Davis Index for imported Honey brass settled at Rs318,000/mt del consumer, up by Rs11,000/mt. The Davis Index for Honey domestic origin (Purja) dropped by Rs10,000/mt to settle at Rs305,000/mt del Delhi Consumer from the prior week.