India: Brass honey scrap prices rangebound w-o-w in Jamnagar, Gujarat

• Strong domestic demand, spot premiums keep prices supported 
• High LME levels, limited imported scrap flows continue to cap downside risks 

Domestic brass honey prices moved slightly lower w-o-w. According to BigMint’s assessment, brass honey, exw Jamnagar, Gujarat, remained rangebound at INR 682,000/t on 6 February as against INR 685,000/t a week ago.

Market participants indicated that brass honey scrap prices edged slightly higher during the first week of February, assessed at INR 695-900/kg ex-Jamnagar, as new trades actively took place after new year as well as record high LME prices urged market participants to sell off material immediately.

A trader source stated, “Most rolling and casting units operated at normal utilisation levels, though buyers largely preferred hand-to-mouth purchases, reflecting reluctance to build inventory at prevailing prices”.

Another source stated, “Market conditions remained firm, supported by healthy local demand, with participants actively procuring material at INR 710/kg. Domestic buying interest stayed strong, ensuring steady absorption of available scrap, particularly in Jamnagar, where supplies continued to be backed by consistent local collections and secondary flows. However, export sentiment remained muted, as China slowed its brass ingot purchases from India, resulting in larger volumes being redirected to the domestic market. Overall, sentiment stayed constructive, with solid internal demand cushioning the impact of weaker export offtake”.

Imported offers were reported at around 55.5% of 3M LME for Europe-origin brass honey (6-7% attachment) and about 58-58.5% of 3M LME for Middle East-origin material (4% attachment). High LME levels, coupled with volatility in domestic buying and stretched payment cycles, kept imported activity subdued while reinforcing the rangebound trend in brass honey prices.

Outlook
Brass honey prices are expected to remain firm with a positive bias, supported by strong domestic fundamentals that continue to outweigh LME cues. Demand in Jamnagar has stabilised at healthy levels post-holidays, with material trading at premiums, reflecting steady buying interest. While imported scrap availability remains selective, consistent local offtake and controlled supply are helping sustain prices. As seen in recent weeks, intermittent upside is likely, and overall sentiment is expected to stay constructive.