India: Brass honey scrap prices soften w-o-w tracking correction in LME

• Imported scrap availability improves across key hubs ahead of monsoon
• Chinese buying interest limits sharper downside in global brass scrap offers

India’s brass honey scrap prices declined w-o-w, with BigMint’s assessment easing to around INR 815,000/t, as comfortable imported scrap availability and balanced downstream buying activity kept the market largely rangebound during the week.

LME copper prices were recorded at around $13,720/t, down by nearly $80/t w-o-w, exerting mild pressure on imported brass scrap offers. However, domestic trade activity remained stable, supported by steady demand from brass ingot makers and component manufacturers.

Imported availability improves across markets

Market participants noted that imported brass honey scrap availability improved across key western and northern hubs, particularly Mundra, Nhava Sheva, and Delhi-NCR, following smoother container arrivals and easing logistics bottlenecks. Traders indicated that inflows from Europe and the US remained steady, while some overseas suppliers offered discounted cargoes to liquidate inventories ahead of the monsoon season.

Pre-monsoon booking activity has gradually started in select markets, with buyers covering near-term requirements amid concerns over possible logistics disruptions during peak rainfall months. However, procurement largely remained need-based as downstream demand from sanitaryware, electrical components, and hardware sectors stayed moderate.

Spot negotiations rise as secondary players offer discounts

Several traders highlighted an increase in spot negotiations during the week, with some secondary sellers offering discounts of INR 2,000-5,000/t to accelerate sales and improve cash flows. Despite this, the downside in prices remained limited due to continued firm Chinese demand for copper and brass scrap.

International market participants stated that Chinese buyers remained active amid healthy secondary copper consumption and relatively better processing margins. This continued to support global scrap sentiment and prevented a sharper correction in overseas offers to India.

Outlook

Market participants expect domestic brass honey scrap prices to remain largely rangebound in the near term. Movement in LME copper prices, monsoon-related logistics disruptions, and Chinese scrap demand are likely to remain the key market watchpoints.