The Davis Index for brass scrap was higher by 2-7¢/lb for all grades on Friday in a week where the Comex exchange market trended higher.
The Comex spot market traded last week’s volatility for a steady pattern this week. The strength in the Comex market kept spreads flat amid a tight scrap supply environment.
The weekly Davis Index for 360-rod borings increased by 7¢/lb to $1.83/lb delivered US consumers and moved higher by 2¢/lb for brass radiators to $1.61/lb delivered US consumer. The index for red brass (85:15) solids rose by 5¢/lb to $2.30/lb delivered US consumers.
The weekly Davis Index for the C-200 series alloy copper spread was tighter by 0.1¢/lb at 6.6¢/lb under the Comex spot contract, while the C-200 series zinc spread was flat at 3.1¢/lb under the LME zinc spot contract.
The Comex cash copper contract was higher by 6¢/lb at $2.67/lb on Friday up from $2.61/lb on June 19, while the spot LME zinc official contract decreased by $16/mt on Friday to $2,057/mt from $2,073/mt on June 19.
US domestic copper scrap buyers have bought some time to adjust to the new market normal with China seemingly pushing back its reclassification effort for scrap grades to September. The reclassification, many participants believe, will make the market more competitive for higher quality scrap and drive up pricing for the material.