- Indian prices supported by LME price rises
- Most trades linked to old orders only
India’s domestic brass honey prices remain rangebound w-o-w with 1% upside on subdued market activity and multiple demand-side pressures. Market participants reported significantly reduced processing rates, particularly in north India, as current holiday mode and ongoing pollution control measures in Delhi continued to disrupt operations across the value chain.
According to BigMint’s assessment, brass honey exw Jamnagar was assessed at INR 620,000/t, 1% up w-o-w.
A seller stated that market activity remains muted, with most processors focusing only on executing previously booked orders, while fresh orders are largely being avoided. Elevated import parity costs, driven by higher LME copper prices, have raised raw material costs, making new procurement decisions difficult in the current environment.
Market participants noted that the domestic brass honey market has entered a holiday mode, with year-end slowdowns limiting downstream buying interest. As a result, processors are refraining from taking new positions despite firmer input costs. The combination of high import rates and slow offtake has kept trading volumes thin across Jamnagar.
From a broader perspective, market participants indicated that inventory levels in Jamnagar remain comfortable, reducing any urgency to restock at elevated prices. Many brass units have already covered near-term requirements and are preferring to wait for clearer signals after the holiday period before committing to fresh purchases. At the same time, volatility in LME copper prices has increased risk for buyers, discouraging forward buying in brass honey. On the supply side, availability is not seen as tight, as processors continue to release material selectively to manage cash flows.
In Jamnagar, brass honey prices were heard trading in the range of INR 620-625/kg, supported primarily by higher LME-linked costs rather than any improvement in physical buying. Sellers indicated that while prices have edged up from last week’s levels, actual deal flow remains limited, with most transactions tied to committed deliveries rather than spot demand.
Overall, the brass honey market remains supported on the cost side but lacks momentum on the demand front, suggesting prices may stay range-bound in the near term until post-holiday activity picks up and downstream buying visibility improves.
On the import front, activity remained muted as western suppliers prepared for the Christmas and New Year holiday period which began 22 December. European-origin brass honey offers were heard at 55-56% of 3M LME levels, while Middle Eastern material was offered at around 62% of LME.
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