India: Copper scrap prices inch down w-o-w amid rangebound LME futures

• Demand remains strong amid expectations of price hikes
• Global export restrictions may limit scrap supply to India

India’s copper scrap prices inched down this week, following a slight dip in London Metal Exchange (LME) futures.

Copper armature scrap was assessed at INR 786,000/tonne (t) ex-Delhi, down by INR 6,000/t w-o-w, while motors mix remained firm w-o-w to $1,170/t. LME futures fell to $9,500/t against last week’s $9,520/t. Meanwhile, copper stocks at LME-registered warehouses stood at 166,525 t, down by 7% compared to 179,375 t the previous week.

Secondary continuously cast rods (CCRs) (99.90%) were assessed at INR 840,000/t ex-Delhi, reflecting a decrease of INR 6,000/t w-o-w. Meanwhile, primary CCR prices stood at INR 870,000/t, down w-o-w by 0.6%.

Domestic market

Copper scrap demand in India remained strong, with buyers actively purchasing material in expectation of further price hikes.

According to a market participant, “Raw material availability is tight in some regions due to a global shortage, and ongoing labour constraints are limiting supply. This is keeping competition intense and supporting firm prices.”

While domestic copper scrap availability was stable overall, looming export restrictions in several countries may tighten supply for Indian buyers. This could push prices higher in the coming weeks.

A seller stated, “Scrap buyers are active, expecting further tightening in global supply. At the same time, refined copper buyers are showing some resistance due to recent price volatility, preferring to buy in smaller lots.”

“Cable manufacturers and component makers are reporting steady orders, although some note resistance to price hikes. Downstream demand is stable to firm, with moderate optimism for Q2,” noted a trader.

A scrap buyer said, “Some refiners are also reporting lower availability of high-quality imported scrap, leading to a shift towards domestic collection networks, which are costlier.”

Outlook

The broader sentiment is stable with a bullish bias, especially in the scrap segment. However, price volatility on global exchanges and policy changes (especially from China and the US) are being watched closely. Buyers are avoiding overstocking but are prepared to bid competitively for quality scrap amid fears of tightening supply.