- Jamnagar buyers maintain cautious procurement
- Middle East scrap bookings resume as shipments normalise
According to BigMint’s assessment brass honey scrap prices in India rose w-o-w to INR 825,000/t, as steady imported scrap availability and balanced buying activity kept the market rangebound.
In Jamnagar, India’s key brass manufacturing hub, market participants said buying activity from brass rod makers and component manufacturers remained moderate. Most processors continued purchasing material only against confirmed orders due to volatility in copper prices over the past few weeks.
LME copper prices were recorded at $13,690/t, rising by $50/t w-o-w. LME copper prices increased marginally during the week mainly due to continued uncertainty surrounding potential US import tariffs on refined copper under the ongoing Section 232 investigation. The widening CME-LME arbitrage encouraged further copper inflows into US warehouses, supporting global copper sentiment.
In Jamnagar, brass ingot and extrusion manufacturers maintained regular imported honey scrap consumption, supported by stable demand from electrical, plumbing and sanitary component manufacturers. However, several medium-sized processors reportedly avoided aggressive bulk stocking and preferred staggered cargo bookings due to fluctuating copper and zinc price trends impacting finished brass conversion margins.
Imported scrap availability from Europe and the Middle East improved slightly during the week, with traders indicating that fresh Middle East-origin cargo bookings gradually resumed after limited arrivals earlier this month. Market participants noted that UAE-origin Honey scrap enquiries increased from western India-based processors due to relatively stable shipment flows and shorter delivery cycles compared to European cargoes.
At the same time, overseas sellers largely maintained firm offer levels amid stable demand from China and Southeast Asian buyers. Traders indicated that Chinese buying interest for brass scrap and semis remained comparatively healthy, particularly for recycling-based downstream manufacturing sectors, which continued supporting global scrap sentiment.
Meanwhile, overseas sellers largely maintained firm offer levels amid continued buying interest from China and Southeast Asian recyclers. Traders highlighted that stable Chinese demand for recycled brass feedstock continued supporting imported scrap sentiment globally, limiting the possibility of any major correction in Honey scrap offers to Indian buyers despite cautious domestic procurement activity.
Sources also highlighted that procurement sentiment in Jamnagar improved slightly during the week as Middle East-origin scrap cargo movement gradually normalised following earlier supply disruptions linked to West Asia tensions. Traders noted that improved shipping activity and easing logistical concerns at western ports supported fresh Honey scrap enquiries from brass ingot manufacturers. At the same time, overseas offers remained firm due to continued Asian buying interest, limiting any sharp correction in imported brass scrap prices.
Outlook
Indian brass honey scrap demand is expected to remain stable in the near term, supported by regular consumption from Jamnagar-based brass ingot and extrusion manufacturers. However, procurement activity is likely to remain cautious amid volatile copper prices, firm overseas offers and continued uncertainty in export-oriented finished brass demand.
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