Domestic copper armature prices were assessed at INR 788,000/tonne ex-Delhi, down 0.3% w-o-w, while copper motors mix scrap prices moved up w-o-w to $1,200/t following LME prices which rebounded to over $9,510/t levels, up $85/t w-o-w.
Secondary continuously cast rods (CCR) (99.90%) were assessed at INR 840,000/t (ex-Delhi), reflecting a 0.6% weekly decrease. Meanwhile, primary CCR prices fell by 0.6% to INR 865,000/t.
The local market is experiencing reduced trading activity as LME prices have risen, leading buyers to bid lower. Some yard owners chose to hold their stocks back, as bids were lower.
Activity in the local market has been largely driven by need-based purchases. Mills have scaled back on procurement, with many participants stated that removal of import duty is still not seen in Indian markets.
Global copper market overview
A market source noted “China currently offers more competitive copper prices, particularly for copper cables, with rates about $70-80/t higher than India. Favorable freight costs from Australia to China further strengthen this trend, leading suppliers to prioritize shipments to China and Thailand over India.”
The impact of import duty removal is yet to be reflected in the market, with import prices remaining rangebound or higher. Excess material continues to persist in the Indian market.
Australian Birch Cliff is primarily heading to China at 94% LME, with sellers blending Transformers and other materials to enhance quality (96% copper content) for better realizations. Recent trades include three loads sold to China at 94%, while India’s bids remain lower at 91%.
Meanwhile, Australian suppliers are securing better prices for Candy Berry and copper motors from Korea. Candy Berry traded at 97% LME for three loads to Korea.
Meanwhile, there is speculation about a potential EU export ban on copper motors, while China continues to buy high-quality copper from Australia.
Deals have been reported for Copper DRUID scrap from Australia to CFR Chennai: High-grade (95.5% LME), Mid-grade (91.5% LME) & Low-grade (89% LME)
Additionally, Offers for Candy Berry (Australia, 97%) while Birch Cliff (92% LME) to India, however it has also been sold to China at competitive rates.
This increased activity has driven up copper prices for both imported and domestic markets, with demand remaining strong as China actively copper purchases continuously owing to reported new smelters upcoming in the country.
Additionally, some Indian players are exploring overseas markets, particularly for burnt copper to export.
China
China’s copper imports from the Democratic Republic of Congo (DRC) have surged, with refined copper shipments rising 71% year-on-year to 1.48 million tonnes in 2024.
According to a report, the increase in China’s copper imports is likely driven by higher production in the DRC, as most of its output is traditionally supplied to China.
Outlook
Domestic copper prices are expected to remain stable with minimal fluctuations in the near term. Current market activity is primarily driven by immediate needs, while imported prices may move up following futures gain.
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