- Prolonged slowdown in scrap demand prompts suppliers to offer discounts
- India’s brass ingot export offers to China decline amid slow demand
India’s brass honey scrap prices rose in the week ended 16 October 2026 due to a rebound in LME copper prices despite weak demand. Market participants expect stronger price momentum towards the end of October due to upcoming festival season and dwindling inventories.
According to BigMint’s assessment, Jamnagar brass honey scrap prices stood at around INR 940,000/t, while prices in northern India ranged between INR 915,000/t and INR 920,000/t. Trading remained limited as buyers continued to restrict purchases amid subdued consumption and uncertainty over near-term demand.
London Metal Exchange (LME) three-month copper rose 0.27% w-o-w to $14,347/t from $14,309/t. Meanwhile, LME copper inventories declined 4.95% w-o-w to 228,000 t from 239,875 t. The price rebound and falling inventories provided underlying support to the market, although weak physical demand continued to constrain brass scrap trading.
Weak demand keeps domestic brass scrap trade under pressure
Jamnagar-based traders said brass honey scrap demand had remained weak for approximately one-and-a-half months. As a result, sellers have been forced to offer discounts of INR 7,000-8,000/t against normal prices to attract buyers. Although Jamnagar prices moved higher amid the latest rebound in LME copper, the improvement has yet to translate into stronger trading activity.
Buyers remained cautious, limiting purchases to immediate requirements rather than building inventories. This continued to restrict market liquidity despite firmer benchmark prices.
China-bound brass ingot offers decline on weak demand
Indian brass ingot export offers to China declined to around 61% of LME copper from 63-64% in the previous week. Weak Chinese demand and high inventories held by Indian exporters prompted sellers to lower offers to attract buyers. The subdued export market has increased pressure on exporters to clear stocks, despite the recent rebound in copper prices.
Meanwhile, China’s producer prices rose 5% y-o-y in September, partly due to higher commodity prices. However, weak domestic demand continues to limit industrial metals consumption. A stronger US dollar and concerns over AI data centre investment returns have also pressured copper prices by weakening investor sentiment. Alongside subdued Chinese buying and high Indian exporter inventories, these factors have prompted sellers to lower brass ingot offers.
Outlook
Indian brass honey scrap prices are expected to gain momentum towards the end of October. The recent LME copper rebound and declining exchange inventories could support domestic prices. However, subdued physical demand may limit the pace of recovery. Meanwhile, lower China-bound brass ingot offers and elevated inventories in China remain key constraints on export demand.
For now, prices may continue to draw support from firmer copper benchmarks, while subdued consumption and limited trading activity restrict broader market recovery. A pickup in domestic purchases and improved Chinese buying interest would strengthen the outlook further.
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