- LME prices rise slightly but buyers expect corrections in near term
- Trading slows as traders avoid selling below procurement costs
India’s brass honey scrap prices rose slightly w-o-w on 3 July 2026 amid improving global prices. BigMint’s assessment placed brass honey scrap prices at around INR 805,000/t exw-Jamnagar, up by INR 5,000/t w-o-w; meanwhile, London Metal Exchange (LME) copper prices rose by around 1.7% w-o-w to nearly $13,380/t on 2 July 2026. However, decent material availability and softer global cues kept the market under pressure.
India’s brass scrap market remained sluggish during the week, with most buyers purchasing material only to meet immediate production requirements. Persistent volatility in LME copper prices and uncertainty surrounding the proposed US copper import tariffs continued to weigh on market sentiment, limiting fresh trading activity across the country.
According to traders, Jamnagar, India’s largest brass manufacturing and recycling hub, witnessed particularly weak activity. Several market participants described the past few weeks as an “almost no-work period” after the sharp decline in LME copper prices at the end of June eroded market confidence. Many traders had procured scrap when copper prices were at significantly higher levels and are now reluctant to sell at prevailing prices to avoid booking losses. Some inventories are reportedly being held at acquisition costs of around INR 840/kg, making sellers unwilling to lower offers despite weak buying interest.
The gap between buyer bids and seller expectations remained wide throughout the week. Buyers largely stayed on the sidelines, anticipating further correction in copper prices, while sellers preferred holding inventories rather than accepting lower realisations. Consequently, most transactions were concluded only against urgent production requirements, keeping overall deal volumes limited.
Downstream brass manufacturers also continued to follow a hand-to-mouth procurement strategy, avoiding inventory build-up until copper prices show a clearer direction. The recent correction in benchmark copper prices prompted many consumers to postpone bulk purchases in anticipation of better buying opportunities.
Despite the subdued demand, imported brass scrap availability remained comfortable. Arrivals from Europe, the UAE, and other major supplying regions continued at healthy levels, preventing any supply tightness in the domestic market. According to BigMint data, India’s brass scrap imports increased to 8,668 t in May 2026, up around 6% m-o-m from 8,200 t in April.
Current brass honey scrap price indications
UK:60.5% of LME
Germany:59.5% of LME
Netherlands:60.0% of LME
Belgium:59.5% of LME
Indicative deal levels
Europe-origin:60.25-60.5% of LME, depending on quality and shipment terms.
US-origin: Around 65% of LME
Going forward, market participants expect the domestic brass scrap market to remain cautious. While adequate imported scrap availability is likely to keep supply comfortable, a meaningful recovery in trading activity will depend on improved downstream order inflows, a narrower bid-offer gap, and greater stability in LME copper prices. Until then, procurement is expected to remain largely requirement-driven, with buyers continuing to avoid aggressive inventory accumulation.
Leave a Reply