- Supply tight across Delhi-Jamnagar; prices rise on strong buying interest
- Import offers increase amid freight constraints; premiums stay elevated
Brass Honey scrap prices have surged, reflecting tighter supply and stronger buyer demand. Across key hubs such as Delhi and Jamnagar, traders reported material shortages, even as export demand remained largely steady. The tightness is primarily driven by limited scrap generation and cautious selling, with traders holding back inventories amid volatile price movements.
Brass Honey scrap prices increased by 2.41% w-o-w to INR 722,000/t from INR 705,000/t, indicating a steady build-up in bullish momentum. The consistent week-on-week rise reflects strengthening spot demand and growing supply-side tightness. In the spot market, material traded as high as INR 730,000/t for immediate delivery, highlighting buyers’ willingness to pay premiums to secure limited availability.
The bullish sentiment is also supported by global cues, with 3M LME prices rising 0.95% w-o-w, providing an upward bias to scrap pricing and reinforcing domestic price strength.
Meanwhile, brass billet prices were reported around INR 765/kg, with export volumes remaining low and most material being absorbed domestically. Overall, the market remains firm, supported by tight supply, strong domestic demand, and traders’ reluctance to sell at lower levels, indicating a bullish near-term outlook for Brass Honey scrap.
On the import front, European suppliers raised offers to around 59.5% of 3M LME, compared to earlier levels of 56.5-57%. The increase reflects constrained freight availability amid Middle East tensions. US and Australia origin scrap offers also moved higher, tracking the broader global uptrend in scrap pricing.
Even though trading is slow today due to Good Friday, Brass Honey local scrap is still trading around INR 722,000-725,000/t exw jamnagar. Scarce material in Delhi and Jamnagar and limited imports are keeping buyers on edge. Overall, the market remains bullish, with premiums staying high despite lighter activity.
Outlook
Brass Honey scrap prices are expected to stay bullish in the near term. Supply constraints due to limited local scrap and inventory holding, along with strong industrial demand, will continue to support prices. Higher import costs from Europe and the US, driven by freight constraints, are likely to sustain elevated premiums and firm market sentiment.
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