- LME prices fall sharply by nearly $1,000/t w-o-w
- Strong Far East demand diverts cargo flows from India
Copper scrap prices in India showed mixed trends w-o-w on 8 April 2026, despite a drop of more than $970/t w-o-w in London Metal Exchange (LME) prices to around $12,313/t. Despite the bearish LME trend, downside was partly cushioned by tight domestic availability, as ongoing geopolitical tensions in the Middle East continued to disrupt payment cycles and delay shipments. Yard owners also restricted material flows amid price uncertainty, limiting sharper corrections.
According to BigMint’s assessment, copper Armature scrap, ex-Delhi, was assessed at INR 1,123,000/t, down 1.3% w-o-w. In the imported scrap segment, Brass Honey from Europe was assessed at 59% of 3M LME CFR Nhava Sheva, up from 58.5% observed in the previous week, while copper Motors scrap from the US stood at $1,550/t, marking a 3.3% rise w-o-w.
Market scenario
The domestic copper scrap market remained volatile during the assessment period, with pricing trends diverging across grades. While benchmark LME prices softened, strong demand for high-grade scrap such as Mill Berry and Armature continued to support spot prices, though deal closures remained limited due to mismatches between buyer bids and seller expectations.
Domestically, copper Armature scrap witnessed strong buying interest, with trades reported at INR 728,000-730,000/t, supported by tight availability and sustained consumption from secondary players. Overall, supply-side constraints and strong grade-specific demand continued to keep the market firm despite broader price corrections.
Imported market updates
In the imported scrap segment, pricing remained firm, but trade activity was uneven, with Far East markets offering better realisations than India, impacting trade flows. EU-origin Motors scrap was heard as high as $1,600/t, reflecting strong overseas demand.
Trader side sources stated “At the same time, Western-origin Birch Cliff flows into China and Pakistan have slowed due to stricter customs inspections over contamination (motor windings and insulated wires), leading to cargo rejections”. Consequently, volumes are being diverted to India and other Asian markets, increasing availability. However, a bid-ask mismatch persists, with Indian buyers indicating 90-91% of 3M LME amid quality concerns, while suppliers remain firm at 92.5-93%, limiting deal closures. Meanwhile, EU-origin Brass Honey (6-7%) was offered around 59% of 3M LME, indicating stable pricing in the brass segment.
Other market updates
Meanwhile, Hindustan Copper Limited (HCL) reported a seven-year high in metal-in-concentrate (MIC) production at around 27,421 t in FY26, up 9% y-o-y, with ore output also rising to near 3.67 mnt (+6%). The company is advancing its expansion strategy, with contracts worth over INR 1,400 crore awarded to support its long-term target of scaling mining capacity to around 12.2 mnt by 2030. These developments reflect improving operational efficiency and are expected to strengthen domestic copper supply over the medium term.
Deals heard
- EU-origin Motors mix – $1,600
- EU-origin Candy Berry – 96.75% of 3M LME, CFR Mundra
- EU-origin Brass Honey 6-7% – 59% of 3M LME, CFR Nhava Sheva
- EU-origin Birch Cliff – 91.5% of 3M LME
Outlook
With soft LME trends but tight domestic availability, the copper scrap market is expected to remain volatile with a firm undertone in the near term, supported by strong demand for high-grade scrap and supply-side constraints.
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