Scrap yards processing motor scrap in Ludhiana and Mandi Gobindgarh have been shut temporarily after concerns over air pollution were raised in the National Green Tribunal. This order by the green court affected trades in the week.
The weekly Davis Index for imported Elmo settled at $678/mt cfr India port on Thursday, down by $7/mt, also driven by a $5-10/mt drop in global ferrous scrap prices. Offers from sellers dropped by $20-40/mt to $660-680/mt. Still, trading thinned as local scrap yards in North India were shut. In Pakistan, prices of imported Elmo dropped by $13/mt to $660/mt, encouraging buyers to increase bookings.
Market sentiments were otherwise positive on a $78.5/mt increase in the official three-month LME copper contract on Wednesday, ending a downtrend of the past two weeks. The weekly Davis Index for imported Berry settled at $5,617/mt cfr India port, up by $81/mt, while the Index for Berry/Candy settled at $5,489/mt cfr India port, up by $75/mt. The weekly Davis Index for Birch/Cliff settled at $5,032/mt cfr India port, up by $69/mt. Devaluation of currency and tightened supply of these scrap grades also impacted prices. Indian rupee which stood at Rs71.99 against $1 on Feb 27, depreciated to Rs73.44 on Mar 4.
The Davis Index for Honey brass settled at $3,659/mt cfr India port, down by $41/mt on a $52/mt drop in the official three-month LME zinc contract from a week ago. The index for brass billets also fell by $65/mt and settled at $3,910/mt cif China port on Thursday.
Demand for copper ingots from China rose as the country’s markets and ports reopened, giving its prices a lift. The Davis Index for copper ingots settled at $5,479/mt cif China port, up by $94/mt from a week ago.
The official three-month LME copper contract settled at $5,718/mt, Wednesday up by 1.4pc from a week ago.