- Prices decline amid weaker copper benchmarks
- Bid-offer gaps result in limited transactions
India’s brass honey scrap prices declined in the week ended 23 October 2026 as weaker London Metal Exchange (LME) copper prices and rising inventories weighed on market sentiment. According to BigMint’s assessment, Jamnagar brass honey scrap prices fell to INR 895,000/t from INR 940,000/t in the previous week.
LME three-month copper declined 1.87% week on week to $14,078/t from $14,347/t. Meanwhile, LME copper inventories increased 7.58% to 245,275 t from 228,000 t. The combination of lower benchmark prices and rising stocks reinforced expectations of further corrections, prompting buyers to remain cautious.
Weak demand and falling LME copper weigh on domestic trade
India’s brass honey scrap market remains under pressure from subdued demand and lower international copper prices. Market participants reported discounts of INR 5–10/kg in Jamnagar and up to INR 15/kg in Delhi and other western markets. Buyers remain cautious, seeking lower offers amid expectations of further price corrections.
However, sellers remain reluctant to accept lower bids, particularly when they risk reducing realisations. The resulting gap between buyers’ expectations and sellers’ offers has restricted transactions, with most participants focusing on immediate requirements rather than building inventories.
Bid-offer disparity limits market activity
Despite mounting price pressure, sellers’ resistance to lower bids has prevented a proportionate adjustment in offers. Discounts remain wider in Delhi and other western markets than in Jamnagar, reflecting varying levels of pricing pressure across trading centres.
Further declines in LME copper could prompt buyers to seek additional discounts. However, any price adjustment will depend on sellers’ willingness to negotiate and whether demand improves. For now, weak consumption and uncertainty over international prices continue to limit trading activity.
Global scrap trade developments add to sourcing uncertainty
China’s copper scrap imports rose 33.4% m-o-m to 236,600 t in September according to market reports. January-September imports increased 10.3% y-o-y to 2.4 mnt. Stronger Chinese buying could intensify competition for exportable scrap and influence offers to Indian buyers.
Meanwhile, the European Commission’s proposed restrictions on metal-scrap exports to certain non-OECD destinations could affect India’s future sourcing. The draft framework excludes India from approved destinations for certain non-hazardous metal waste from May 2027. On 19 October, the Bureau of International Recycling urged the Commission to reconsider the exclusions.
Thailand’s Customs Department also proposed banning copper, steel, aluminium and rubber scrap imports on 21 October to prevent hazardous waste misdeclaration. Increased container inspections are also tightening scrutiny. Any resulting trade-flow shifts could affect regional scrap availability.
Outlook
India’s brass honey scrap market is likely to remain under pressure as weaker LME copper and rising inventories weigh on sentiment. Discounts of INR 5–10/kg in Jamnagar and up to INR 15/kg in Delhi and other western markets reflect weak demand, while sellers’ resistance to lower bids is likely to keep trading limited. PSIC-related port delays may constrain imported availability, but support could be offset by cautious buying. Diwali restocking may improve activity temporarily, while global scrap-trade developments pose longer-term sourcing uncertainty.
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